Oil prices fell for the second month in a row on Friday, as poor US economic data and uncertainty about future interest rate hikes impacted on demand.

Brent crude futures soared by 0.7% at $78.91 per barrel, poised for the fourth dip in a row for the month while US WTI advanced by 0.3% at $74.98 per barrel, poised for the sixth drop in a row for the month.

According to data released on Thursday, economic growth in the United States slowed more than predicted in the Q4.

Investors are concerned that prospective interest rate hikes by inflation-fighting central banks may slow economic development and reduce energy demand in the United States, the United Kingdom, and the European Union.

Speaking of the supply aspect, Russian Deputy Prime Minister Alexander Novak mentioned yesterday that despite lower-than-expected Chinese demand, the OPEC+ producer group saw no need for additional output curbs.

This month, OPEC+ reduced its combined output target by about 1.16 million barrels per day (bpd), which drove oil prices upward.