2023-05-05 06:29:00
Brent crude is heading for a decline of 8.1% during the week
Oil prices rose in Asian trading today, Friday, but are on track to incur a third consecutive weekly loss, following the markets witnessed sharp declines, amid concerns regarding the weakness of the US economy and slowing Chinese demand.
And by 05:45 GMT, Brent crude rose 60 cents, or 0.8%, to $ 73.10 a barrel, while US West Texas Intermediate crude increased 52 cents, or 0.8%, also, to $ 69.08 a barrel, following recording losses over four days. Consecutive.
For the week, Brent crude is heading to end down 8.1%, while WTI is heading to record a 10% decline, according to Archyde.com.
“It was a double whammy for oil prices,” said John Rong Yep, a market analyst at IG in Singapore, noting that “renewed US banking crises (raised) fears of their spread and increased talk of a recession, while the sudden downturn in manufacturing activities China indicates a decline in optimism regarding the prospects for oil demand.
Concerns regarding the banking crisis in the United States continued following the Bank West Bancorp announced its intention to discuss strategic options amid a crisis besetting it.
In China, factory activity contracted unexpectedly in April as orders fell and domestic demand weakened.
However, Kelvin Wong, a senior market analyst at OANDA in Singapore, said prices received some support from expectations of a possible supply cut at the next OPEC+ meeting in June.
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