Oil prices rose by nearly 1% in early Asia from a one-year low on Friday, but the commodity was still set for deep losses this week as growing fears of a recession and rising interest rates weakened the outlook for crude demand. Besides, a sustained build in gasoline and distillate inventories showed that demand remains subdued in the worlds largest oil consumer. WTI crude oil has fallen sharply this week by nearly 10%, touching the weakest point since the end of 2021 and is currently quoting at $72.15 per barrel, up 0.92% on the day. Powered by Commodity Insights
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