Oil prices rise from 7-week lows, set for steep weekly losses
Investing.com-- Oil prices rose slightly from near seven-week lows in Asian trade on Friday, and were headed for steep losses this week as signs of robust U.S. stockpiles and production dashed hopes for tight crude markets in the coming months.
Concerns over slowing economic growth- which could eat into demand- also came into play this week, especially after the U.S. Federal Reserve warned that it will keep interest rates higher for longer.data from top crude importer China also factored into fears of sluggish demand. Business activity in the country was seen slowing in April after a strong start to the year.
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