Oil set for second weekly drop as recession fears, rates cloud outlook

Oil prices are on course for their second consecutive weekly decline as US economic data and uncertainty over further interest rate rises weigh on future fuel demand. Brent crude futures for June were trading at $78.53 a barrel, up 16 cents, while the more active July contract was up 21 cents at $78.43. US West Texas intermediate crude rose 23 cents to $74.99. Brent and WTI are both set for 3.8% downturns, taking their declines for the past two weeks to 9.1% and 9.4% respectively.