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Alberta oil well in canola field Oil prices rose in Asian morning trade on Friday, but were set for a third straight week of losses after markets witnessed dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand. U.S. West Texas Intermediate was up $1.70, or 2.48%, at $70.40 a barrel after four straight days of losses. Brent crude rose $1.92, or 2.63%, to $74.63 a barrel. For 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 (has prompted) 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. Worries of a U.S. regional banking crisis persisted after PacWest Bancorp said it planned to explore strategic options. In China, factory activity unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector. Service activity in China grew through April, though the rate of this expansion has slowed, data showed on […]
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