Oil prices experienced a 2% decline, heading for a weekly loss, as robust U.S. job data diminished expectations of imminent interest rate cuts, potentially impacting crude demand. Brent crude fell 1.7% to $77.39 a barrel, while U.S. West Texas Intermediate crude dropped 2% to $72.35. The week saw a 7% loss for both benchmarks. High interest rates in major economies, including the U.S. and the euro zone, persisted, hindering economic growth and oil demand. China’s economic recovery concerns and potential Middle East tension easing also contributed to the decline. OPEC+ maintained its output policy, deciding in March on further production cuts. An outage at BP’s Whiting refinery further pressured prices.