Oil prices fell on Friday, booking significant losses for the week, as banking turmoil rattled markets, Azernews reports citing Xinhua.

The West Texas Intermediate (WTI) for April delivery dropped 1.61 U.S. dollars, or 2.36 percent, to settle at 66.74 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery lost 1.73 dollars, or 2.32 percent, to close at 72.97 dollars a barrel on the London ICE Futures Exchange.

Oil prices were under pressure as traders grew concerned that the turbulence in the U.S. and the European banking sectors could darken the outlook for the economy and hurt energy demand.

For the week, the WTI tumbled 13 percent, while Brent dropped 11.9 percent, based on the front-month contracts.