Oil drops slightly on Friday on demand concerns and is headed for a weekly decline.

Brent crude oil futures lost 83 cents, or 0.8%, to $118.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell to $116.79 a barrel, down 80 cents, or 0.7%. If losses hold throughout the day, Brent crude oil futures would post their first weekly decline in five weeks, while U.S. crude oil futures would see their first drop in eight weeks.

The data showed that Federal Reserve policymakers are less confident than at any time since the height of the pandemic about the economy's progress.