Oil on track for sharpest weekly decline since March

Oil prices were on track for their steepest weekly decline since March despite rising in early trade on Friday, on growing worries that higher-for-longer interest rates could stoke a global economic slowdown and curb fuel demand.

Both benchmarks had surged to 2023 highs last week, but Brent has dropped 11.8% and WTI by about 8.8% this week.