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Oil market rebounded but registered the third consecutive weekly dropInternational benchmarks for crude oil increased on Friday, 5 May 2023 but posed overall loses for the third straight week for the first time since November 2022 |
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International benchmarks for crude oil increased on Friday, 5 May 2023 but posed overall loses for the third straight week for the first time since November 2022 on lingering concerns over a potential economic recession that would diminish fuel demand.
Brent crude jumped $2.80 or 3.9% to settle at $75.30/barrel while West Texas Intermediate settled up $2.78 or 4.1% at $71.34/barrel after four consecutive drops which sent the contract to the levels last seen in late 2021.
The week saw Brent benchmarks drop 5.3% while WTI recorded even steeper declines of 7.1%.
