Oil Steady, Still Poised for Sharp Weekly Loss

WTI crude futures bounced back to $72 per barrel on Friday, recovering from a one-year low of roughly $71 hit in the previous session, on optimism around the reopening of the Chinese economy and higher demand from the world's top crude importer.

The shutdown of the Keystone pipeline also added to the highly uncertain supply outlook, with investors still assessing the impact of the latest sanctions on Russian oil.

President Vladimir Putin warned that Moscow might cut oil production in response to the G-7 price cap on its crude.

Nevertheless, the US oil benchmark is down more than 10% this week, having been pressured by growing concerns about a potential global recession-driven demand downturn, particularly among advanced economies.

On the supply front, OPEC+ decided to stick to their existing policy of reducing oil output by 2 million barrels a day from November through 2023.