Oil prices rose on Friday but were poised for a third straight week of losses after markets registered dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand.
Brent crude rose $1.22, or 1.7%, to $73.72 a barrel by 0754 GMT. U.S. West Texas Intermediate was up $1.11, or 1.6%, at $69.67 after four days of declines that sent the contract to lows last seen in late 2021.
The Brent benchmark was on track to finish the week with a decline of about 7% while WTI was set for a 9% loss. "Rather than underlying fundamentals, the selling frenzy over the past week has been driven by worries about demand linked to recession risks and the strain in the U.S. banking sector," said PVM oil market analyst Stephen Brennock.
"The upshot is that there is a big disconnect between oil balances and oil prices. These dislocations tend to be temporary and normal order should soon be restored."
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