The world's two main oil consumers, the United States and China, have experienced increased economic woes that have fuelled worries about the expansion of fuel demand. As a result, oil prices fell on Friday, setting the stage for a fourth consecutive weekly decrease.

Brent crude edged down 0.57% to $74.55 per barrel while West Texas Intermediate futures slipped 0.47%, to $70.54.

The two benchmarks are poised to drop over 1% for the week, which would mark the longest stretch of consecutive weekly falls since November 2021.

There is growing worry that the United States may experience a recession as a result of the postponement of discussions on the government's debt ceiling and fresh worries that another regional bank is in trouble.

China's consumer pricing data for April increased at a slower rate and fell short of forecasts, while factory gate deflation intensified, indicating that additional stimulus may be required.