Oil prices held steady in early trading 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.Brent crude rose 14 cents, or 0.2 per cent, to $72.64 a barrel at 0002 GMT, while U.S. West Texas Inter
Oil prices held steady in early trading 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.
For the week, Brent was set to close down 8.7 per cent, while WTI was set to close 10.5 per cent lower. Oil prices were also hurt by a strengthening dollar after the European Central Bank raised rates on Thursday and signaled the need for more tightening a day after the U.S. Federal Reserve also raised rates.However, investors now broadly expect the Fed to pause rate hikes at its June meeting, after the U.S. central bank dropped language that it"anticipates" further rate increases from its policy statement.
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