Oil prices rose in Asian trade on Friday, but were poised for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand.
unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector.data showed on FridayHowever, expectations of potential supply cuts at the next OPEC+ meeting in June have provided some support to prices, said Kelvin Wong, a senior market analyst at OANDA in Singapore.
"Yesterday's steep intraday decline in WTI crude futures has managed to stall at a key major support of US$61.85... market participants seem to have implied that it's a potential 'floor' that OPEC+ has created", said Wong. Traders are focused on the release of U.S. employment data for April later in the day, hoping it could help gauge the health of the economy, as well as comments on monetary policy from St. Louis Fed President James Bullard and Minneapolis Fed President Neel Kashkari at the Economic Club of Minnesota.at its June meeting, after the U.S. central bank dropped language that it "anticipates" further rate increases from its policy statement.
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