Brent, WTI down more than 5 this week
All eyes on U.S. jobs report due on Friday
U.S. rate hike worries dominate market mood

LONDON, March 10 Reuters Oil fell for a fourth session on Friday, heading for its biggest weekly loss in five weeks on worries about the prospect of steep interest rate hikes in the United States hitting fuel demand.

Brent dipped 63 cents, or 0.8, to 80.96 a barrel by 1140 GMT. U.S. West Texas Intermediate crude WTI was down 69 cents, or 0.9, at 75.03.

Expectations of further rate hikes in the world39;s largest economy and in Europe have clouded the global growth outlook and driven both crude benchmarks down more than 5 so far this week, their worst drop since early February.

A strengthening dollar

U.S. Federal Reserve Chair Jerome Powell has warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was transitory. Its next decision meeting is planned for March 2122.

Broader U.S. employment data due at 1330 GMT looms as a crucial barometer of the health of the U.S. labour market, considered tight, and as an indicator on the direction of interest rates.

Nonfarm payrolls likely increased by 205,000 jobs last month, according to a Reuters survey.

A forecastbeating number will be the final nail in the coffin for rate doves and should provide fresh ammo for oil bears, PVM analyst Stephen Brennock said.

On the supply side, the United States was reported to have privately urged some commodity…