Oil prices ticked up on Friday, but were expected to fall for the third week in a row due to concerns about the economic influence of interest rate raises and the slumped demand in China.

Brent crude rose climbed by 3.6% to $75.11 per barrel while US West Texas Intermediate added 3.9% at $71.26 per barrel post slipping for the fourth consecutive days that pushed the contract to low level not seen in 2021.

Despite heading for their highest daily percentage gains in a month, the Brent benchmark was on course to finish the week down nearly 5.5%, while WTI was on track to lose 7%.

Concerns about regional banks in the United States persisted after PacWest Bancorp announced plans to investigate strategic options.

In China, factory activity unpredictably dipped in April as orders declined and domestic demand impacted on the country's enormous manufacturing sector.

Investors anticipate that the Fed will suspend rate hikes at its June policy meeting.