Oil Prices Rebound Slightly But Still Headed for Weekly Losses

Oil prices rose slightly in Friday morning trading in Asia, but remain on track for a third consecutive week of losses due to a weakening U.S. economy and elusive demand from China. Brent crude lost 8.5% and West Texas Intermediate lost over 10% for the week. The Fed's interest rate hike and concerns over slowing economic growth and U.S. bank failures are also impacting oil prices. Analysts are anticipating the third drawdown in a row in next week's U.S. crude oil inventory data, which could potentially boost oil prices.