Oil settles lower, posts fourth weekly loss

Oil prices settled lower on May 12, posting the longest weekly losing streak since November 2021 as investors assess the debt ceiling crisis and a potential recession in the US. 

Brent crude for July delivery dropped 1.1% to $74.17 a barrel, losing 1.5% for the week.

Meanwhile, WTI crude for June delivery lost 1.2% to $70.04 a barrel, posting weekly losses of 1.8% so far.  

Concern mounted that the US - the world’s biggest oil consumer - will enter recession, with talks over the US government’s debt ceiling postponed and concern growing over another crisis-hit regional bank.