LONDON—Oil dropped for a second day on Friday and was heading for a weekly decline, as a UK interest rate hike added to concern over economic growth that outweighed lower U.S. crude stocks and other signs of tighter supplies.
Both crude benchmarks had dropped about $3 on Thursday after the Bank of England raised interest rates by a bigger-than-expected half a percentage point. Central banks in Norway and Switzerland also hiked rates.
Brent crude slipped $1.21, or 1.6 percent, to $72.93 a barrel at 0810 GMT, while U.S. West Texas Intermediate (WTI) crude was down $1.31, or 1.9 percent, at $68.20.
“After yesterday’s central banks’ action, anxiety has palpably grown,” said Tamas Varga of oil broker PVM….