Despite higher prices in Asia, oil is on track to end the week lower with both key contracts down about 7% on a week earlier
Singapore — Oil prices rose as much as $1 on Friday, extending gains from the previous trading session on hopes of a China demand boost and after data showed lower fuel inventories in the US after a winter storm that hit during the year end.
However, oil prices were on track to end the week lower, with both contracts down about 7% on a week earlier. Concerns about a possible global recession have weighed on trading sentiment. Daily passenger flights scheduled during the holiday season beginning Saturday are averaging about 73% of pre-pandemic levels in 2019.
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