Oil prices edged higher on Friday but were on track for a weekly decline amid fears of sharp interest rate hikes that would slam global growth and hit fuel demand. Brent crude futures were up 24 cents, or 0.3 per cent, to $91.08 a barrel as of 0315 GMT, but were down 1.9pc for the week so far. US West Texas Intermediate (WTI) crude futures gained 10 cents, or 0.1pc, to $85.20 a barrel, but were also down 1.9pc on a weekly basis. 'Today's morning rebound for oil prices can only be described as a short-term correction, as the Fed will raise interest rates by 75bp or 100bp next week,' said Leon Li, an analyst at CMC Markets.

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