Oil prices continue to slide amid demand concerns and rate hike expectations.

Oil prices settled lower on Friday, posting a weekly decline as traders worried interest rate hikes could sap demand despite signs of tighter supplies including lower U.S. crude stocks. The benchmarks declined more than 3.5% for the week. More U.S. interest rate hikes also seemed likelier. San Francisco Federal Reserve Bank President Mary Daly said two more rate hikes this year was a "very reasonable" projection. Also set to tighten the market is Saudi Arabia's production cut of 1 million barrels per day in July announced along with an OPEC+ deal to limit supplies into 2024.