WASHINGTON (dpa-AFX) - Oil prices climbed on Friday but were set for a third straight week of losses on fears of an impending recession in the United States and slowing Chinese growth.
Benchmark Brent crude futures rallied 1.6 percent to $73.67 a barrel, while WTI crude futures were up 1.6 percent at $69.63.
Oil prices received some support today after a survey showed activity in China's services sector remained well within growth territory in April.
Investors remain worried that recession in major economies such as the U.S. and Europe could impact the demand for commodities such as crude oil.
Saudi Arabia has reportedly cut the official selling price (OSP) for its Arab Light crude oil to Asia after crude futures slumped on the back of weak U.S. data and signs of fragility among the country's banks.
State-controlled Saudi Aramco cut all official selling prices for Asia in June. The company's key Arab Light grade was reduced to $2.55 a barrel above the regional benchmark, 25 cents less than the price for this month.
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