Oil set for a third straight weekly loss, but held steady on Friday early trading

As the economic woes continue, oil prices head for a third straight weekly loss. This after, markets dropped on fears of a weakening U.S economy and slowing Chinese demand. However, the prices held steady in early Friday trading.

As per Reuters, Brent crude rose 14 cents, or 0.2%, to $72.64 a barrel at 0002 GMT, while U.S. West Texas Intermediate was up 17 cents, or 0.3%, at $68.73 a barrel after four straight days of losses. For the week, Brent was set to close down 8.7%, while WTI was set to close 10.5% lower.

Oil prices were affected by a strengthening dollar after the European central bank and the U.S Federal Reserve raised the interest rates. Stronger dollar makes crude more expensive for buyers holding foreign currency.

As per Reuters, investors now broadly expect the Fed to pause rate hikes at its June meeting, after the U.S. central bank dropped language that it "anticipates" further rate increases from its policy statement. Investors are also expecting the release of U.S employment data for April to help gauge the health of the economy.