Oil continues to decline on worries of a recession.

KEY POINTS:

• Early trading on Friday saw oil prices fall, adding to the week's losses, as worries about a restricted supply were overshadowed by growing anxiety that short interest rate hikes would depress global growth and reduce fuel demand.

• As of 00:52 GMT, Brent oil futures were down 22 cents, or 0.2%, at $90.62 a barrel, after falling 3.5% to a one-week low the previous day.

• After falling 3.8% in the prior session, U.S. West Texas Intermediate oil futures dropped another 25 cents, or 0.3%, to $84.85 per barrel.

Early trading on Friday saw oil prices fall, adding to the week's losses, as worries about a restricted supply were overshadowed by growing anxiety that short interest rate hikes would depress global growth and reduce fuel demand.

As of 00:52 GMT, Brent oil futures were down 22 cents, or 0.2%, at $90.62 a barrel, after falling 3.5% to a one-week low the previous day.

After falling 3.8% in the prior session, U.S. West Texas Intermediate oil futures dropped another 25 cents, or 0.3%, to $84.85 per barrel.

Crude oil prices dropped as investors' attention was drawn back to the weakening economy, according to a client note from ANZ Commodities.

A strong U.S. dollar makes oil more expensive for buyers using foreign currencies, leading to the third week of declines. On Friday, the dollar index edged lower but remained close to its peak of the week, just above 110.

The International Energy Agency's forecast of nearly zero growth in oil demand in the fourth quarter due to a worse demand outlook for China also shook the market this week.

" According to OANDA analyst Edward Moya, "Oil fundamentals are still broadly bearish as China's demand outlook remains a significant question mark."

According to analysts, the U.S. Department of Energy's statement that it was unlikely to seek to refill the Strategic Petroleum Reserve until fiscal 2023 dampened investor enthusiasm.

In terms of supply, the market has found some solace in fading hopes for reintroducing Iranian crude. Western officials have considered the possibility of restarting a nuclear accord with Tehran.

According to Commonwealth Bank analyst Vivek Dhar, this lent credence to the firm's expectation that supply constraints would push oil prices back up to $100 per barrel by the year's end.