Oil ended trading lower on Friday, giving up early gains that exceeded a dollar per barrel; concerns about the banking sector pushed the two benchmarks to record their most significant weekly losses in months.

Brent crude futures fell $1.73, or 2.3%, to $72.97 a barrel at settlement, while US West Texas Intermediate crude lost $1.61, or 2.4%, to reach $66.74.

Both benchmarks fell more than $3, hitting their lowest levels during the session.

Brent lost about 12 per cent during the week, recording the most significant weekly loss since December.

West Texas Intermediate crude futures have fallen by 13 per cent since last Friday’s close, recording their heaviest weekly loss since April.

“The fundamentals are not as bad as the market expects here, but there are concerns that oil will not be as safe as it is with cash or gold,” said John Kilduff, partner at Again Capital in New York.