Oil Prices Decline on Fed Policy Concerns and Hormuz Rumors

Oil prices declined on Friday due to concerns over US Federal Reserve Bank's inflation-fighting policy and rumors of a possible agreement on shipping through the Strait of Hormuz.

Brent crude futures settled at $89.31 a barrel, down 39 cents or 0.43 per cent, while West Texas Intermediate crude futures finished at $83.40 a barrel, down 13 cents or 0.16 per cent.

The decline marked the fifth straight week of losses for oil prices, with Brent settling down by more than 5 per cent and WTI by more than 4 per cent.