Oil heads for third straight weekly loss as economic worries persist

Oil prices remained steady on Friday, but were preparing for their third consecutive week of losses as fears over a weakening US economy and declining Chinese demand hit the markets. Brent crude increased 0.2% to $72.64 a barrel, and US West Texas Intermediate was up 0.3% at $68.73 a barrel. Worries about a US regional banking crisis persisted after PacWest Bancorp confirmed that it plans to explore strategic options, causing concern in the wider market. Investors are now waiting for the release of US employment data that may indicate the state of the economy.

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