Oil prices decline

NEW YORK: Oil prices fell nearly 3% lower on Friday and posted a weekly decline after a US central bank policymaker indicated interest rate cuts could be delayed by at least two more months.

Brent crude futures settled down $2.05, or 2.5%, at $81.62 a barrel, while US West Texas Intermediate crude futures (WTI) were down $2.12, or 2.7%, to $76.49.

For the week, Brent declined about 2% and WTI fell more than 3%. However, indications of healthy fuel demand and supply concerns could revive prices in the coming days.