Concerns over the potential impact of significant interest rate increases in the United States on fuel demand caused oil to decline for a fourth session on Friday, setting the stage for its worst weekly drop in five weeks.

Brent dropped 0.8%, to $80.96 per barrel while West Texas Intermediate crude dipped by 0.9%, at $75.03.

The outlook for global growth has been darkened by expectations of future rate surge in both the largest economy in the world and Europe, and both crude benchmarks have fallen more than 5% this week alone, marking their steepest decline since early February.

According to a survey conducted by Reuters, there were probably 205,000 more jobs added to nonfarm payrolls last month.

Investors are keeping a tight eye on Russia's export restrictions after it chose to reduce its oil production by 500,000 barrels per day in March.