Oil prices rose in Asian trading on Friday, but they are on track for a third consecutive weekly loss after experiencing sharp declines amid concerns over a weakening U.S. economy and slowing Chinese demand.
Brent crude increased by 0.8% to $73.10 per barrel, while West Texas Intermediate (WTI) also rose by 0.8% to $69.08 per barrel after recording losses for four consecutive days.
Brent is heading for an 8.1% decline, while WTI is set to record a 10% drop.
Concerns continued regarding the banking crisis in the United States following the announcement by PacWest Bancorp about its intention to explore strategic options amid a crisis affecting it.
In China, factory activity unexpectedly contracted in April due to a decrease in orders and a decline in domestic demand.
