Oil prices declined for the week amid concerns that interest rate hikes would reduce demand, despite signs of tighter supplies, including a drop in US crude stocks. The Bank of England's higher-than-expected interest rate rise, along with similar moves in Norway and Switzerland, triggered fund liquidation and cold feet among energy producers. A stronger US dollar, which increased due to risk aversion among investors, also put pressure on oil prices. Although US inventory figures showed a surprise decline, U.S. business activity sank to a three-month low, highlighting potential for an economic downturn, while China's economy faltered.