Oil prices rose on Friday, but fell for the third straight week after a sharp fall earlier this week ahead of benchmark interest rate rises and amid concern that the U.S. banking crisis will slow the economy and sap fuel demand. The Brent benchmark finished the week with a decline of about 5.3%, while WTI plunged 7.1%, even after the rebound on Friday. Both benchmarks were down for three weeks in a row for the first time since November. However, expectations of potential supply cuts at the next meeting of the OPEC+ producer group in June have provided some price support, said Kelvin Wong, a senior market analyst at OANDA in Singapore.
- Oil prices jump but post third straight weekly fall on economic woes