Last Update: May 05, 2023, 06:12 AM IST
Oil prices also suffered as the dollar strengthened after the European Central Bank raised rates on Thursday. (Image: Reuters file)
For the week, Brent was set to close down 8.7%, while WTI was set to close 10.5% lower.
Oil prices held steady in early trade on Friday but were set for a third straight week of losses after markets fell dramatically on fears of a weakening US economy and slowing demand from China.
Brent crude was up 14 cents, or 0.2%, at $72.64 a barrel by 0002 GMT, while US West Texas Intermediate was up 17 cents, or 0.3%, at $68.73 a barrel after four days of losses.
For the week, Brent was set to close down 8.7%, while WTI was set to close 10.5% lower.
PacWest Bancorp said it plans to explore strategic options after continued concerns over the US regional banking crisis left markets more worried.
Oil prices also strengthened after the European Central Bank raised rates on Thursday and a day after the US Federal Reserve also signaled the need for more tightening.
A stronger greenback makes crude oil more expensive for buyers holding foreign currency.
However, investors now expect the Fed to hold off on raising rates at its June meeting, after the US central bank omitted language that it “anticipates” further rate hikes from its policy statement.
In China, factory activity unexpectedly eased in April as orders fell and poor domestic demand dragged down the sprawling manufacturing sector, weighing on the macroeconomic outlook for the second quarter.
Traders are now focusing on the release of US employment data for April later in the day, which is expected to weigh on the health of the economy as well as monetary policy from St. Louis Fed President James Bullard and Minneapolis Fed President Neel Kashkari. Commenting may help. Economic Club of Minnesota.
read all latest business news, tax news And stock market update Here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
