SINGAPORE, Oct 6 Reuters Oil prices were on track for their steepest weekly decline since March despite rising on Friday, driven by concerns that higherforlonger interest rates will slow global growth and hammer fuel demand.

Both benchmarks had surged to 2023 highs last week, but Brent has dropped 11.6 and WTI by about 9 this week.

The oil slump has coincided with a steep drop in U.S. Treasury prices to 17year lows, on concerns the U.S. Federal Reserve will keep rates higher for longer and growing worries about government spending and a ballooning budget deficit in the United States, the world39;s top oil consumer.

On Friday, Brent futures were up 25 cents, or 0.3, at 84.32 at 0621 GMT, while U.S. West Texas Intermediate crude futures were up 32 cents, or 0.4, at 82.63, recovering slightly from a 2 decline on Thursday.

Oil prices are stabilizing after a brutal week that saw a relentless bond market selloff trigger global growth worries, said Edward Moya, an analyst at OANDA.

The worst week for crude since March is starting to attract buyers given the oil market will still remain tight over the shortterm, Moya said.

JPMorgan said in a note it expected oil demand growth to be healthy but slower in the last quarter of 2023, while the National Australia Bank said it saw the recent dip in prices as temporary and forecast a deficit market this quarter.

We think that once markets start paying attention to falling global oil stockpiles, Brent oil futures will likely…