Oil prices eased on Friday, extending losses from the two previous days and heading for a weekly decline, as softening U.S. economic data and a rise in U.S. gasoline inventories raised concerns about a recession and slower global oil demand.
Brent futures for June delivery were down by 14 cents, or 0.2%, at $80.96 a barrel at 0101 GMT. West Texas Intermediate crude for June delivery slid 12 cents, or 0.2%, to $77.25 a barrel.
"Market sentiment remained bearish after the weak U.S. economic data, along with expectations of interest rate hikes, fuelling worries over a recession that could dent oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
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