Oil extends weekly loss to 5% as speculation of more aggressive rate hikes from the Fed stokes demand worries

• Oil prices dropped Friday on demand concerns with the prospect of further and more aggressive Fed rate hikes. 
• WTI and Brent oil prices were lower for a fourth straight session. 
• The stronger US dollar added further downward pressure on oil prices. 

Oil prices sank Friday, stretching losses for the week, as investors considered the possibility the Federal Reserve will return to more aggressive rate hikes as inflationary pressures have been slow to decompress.