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International benchmarks for crude oil descended more than 1% on Friday, 12 May 2023 as the market counteracted supply worries against fresh economic concerns in the United States and China.

The US dollar strengthened slightly on Friday due to uncertainties surrounding the US debt ceiling and fear over the possibility of further interest rate hikes moving forward. Meanwhile, consumer data in China weakened in April compared to March showcasing continuous restraints for post-pandemic growth overshadowing oil demand growth. 

Brent crude went down 81 cents or 1.1% to conclude at $74.17/barrel while West Texas Intermediate dimmed 83 cents or 1.2%, amounting to $70.04/barrel.