:Oil prices rose slightly in Asian morning trade 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 30 cents, or 0.4 per cent, to $72.80 a barrel at 0250 GMT, while U.S. West Texas
:Oil prices rose slightly in Asian morning trade 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.
"It has been a double whammy for oil prices," said Jun Rong Yeap, a market strategist at IG in Singapore. In China, factory activity unexpectedly contracted in April as orders fell and poor domestic demand dragged on the sprawling manufacturing sector.
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