Oil prices experienced a decline on Friday but remained poised for their first weekly increase in four weeks, as market participants weighed the implications of sustained higher US interest rates against optimistic projections for crude and fuel demand in the current year.

Brent crude futures dropped by 72 cents, or 0.87%, reaching $82.04 per barrel at 0100 GMT. Meanwhile, West Texas Intermediate (WTI) US crude futures decreased by 79 cents, or 1%, trading at $77.84 per barrel, reversing slight gains from the preceding session.