Oil rises but on track for third weekly decline

Oil prices rose on Friday but were poised for a third straight week of losses after markets registered dramatic drops on fears of a weakening US economy and slowing Chinese demand, reports Reuters.

Brent crude rose $1.88, or 2.6 per cent, to $74.38 a barrel by 1128 GMT. US West Texas Intermediate was up $1.89, or 2.8 per cent, at $70.45 after four days of declines that sent the contract to lows last seen in late 2021.

The Brent benchmark was on track to finish the week with a decline of about 6.5 per cent, while WTI was set for a 8.0 per cent loss, despite heading for their biggest daily percentages rises in a month.

Commerzbank analysts also said oil demand concerns were overblown and expect a price correction upward in coming weeks.