Oil prices steady amid expectations of a second straight weekly rise

Oil prices were steady in early Asian trading on Friday, with Brent crude down 19 cents at $73.69 a barrel, down slightly by 0.3%, while US crude rose 6 cents to $72.01 a barrel.

Despite the stability, both crudes are on track to end the week higher, with Brent up 4.3% and US crude up 4.8% over the week.

The recovery in oil prices came after a major cut in US interest rates by the Federal Reserve, in addition to a decline in global oil inventories to their lowest levels in a year.

On the other hand, pressure on oil prices continued due to the slowdown in the Chinese economy, as refinery production fell for the fifth consecutive month, along with a decline in industrial growth and retail sales in the country.