Oil prices rose on Friday but fell for the third straight week due to concerns about the U.S. banking crisis and recession fears, despite a better-than-expected jobs report. Experts say there is a big disconnect between oil balances and oil prices, but expect a price correction upward in the coming weeks.
US regional banking crisis: PacWest is hoping to avoid the fate of other regional lenders that were taken over by US regulators in the last two months.
The recent banking crisis in the US appears to have resulted in tighter credit conditions and they are likely to hurt economic activities, said US Federal Reserve Chair Jerome Powell after the two-day monetary policy review meeting where it once again hiked interest rates in their pursuit of managing inflation.