Oil Prices On Course For Big Weekly Loss Despite Late Rebound

Crude oil prices are set to extend their losing streak to three weeks as recession fears and anxiety about the U.S. banking system prevail over any supply concerns. West Texas Intermediate alone has shed about 10% this week, with the cumulative decline for Brent since the start of the year at 14%, according to Bloomberg.

What's more, the decline comes despite the move by OPEC+ to reduce its collective output by more than a million barrels daily. Oil prices had rebounded somewhat in early morning trading on Friday, but remain on course for a 7%-8%…