Oil poised for weekly dip as recession fears, rates cloud outlook
Oil prices posted mild gains on Friday, but headed for a second week of declines as disappointing US economic data and uncertainty over further interest rate hikes weighed on the demand outlook.
Brent crude futures for June rose 44 cents, or 0.6 per cent, to $78.81 a barrel at 0400 GMT, while the more actively-traded July contract was up 47 cents, or 0.6 per cent , at $78.69 a barrel.
US West Texas Intermediate (WTI) crude was up 40 cents, or 0.5 per cent, at $75.16 a barrel.
Both benchmark contracts have declined by about 3.5 per cent this week as of 0400 GMT.
