Oil prices rose slightly in Asian morning trade on Friday, but were set for a third straight week of losses.
related investing newsFor the week, Brent was set to close down 8.5%, while WTI was set to close 10.3% lower.
"It has been a double whammy for oil prices," said Jun Rong Yeap, a market strategist at IG in Singapore. "Renewed U.S. banking fallout fears of a wider contagion and amplifying recession talks, while a surprise contraction in China's manufacturing activities pushed back against reopening optimism on oil demand outlook," he noted.said it planned to explore strategic options.unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector.
"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.
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