FX.co ★ Oil Subdued As Recession Worries Weigh

Oil prices edged lower on Friday, extending losses from the previous two sessions and heading for a hefty weekly loss on concerns that the U.S. economy is heading toward recession.

Benchmark Brent crude futures slipped 0.2 percent to $80.96 a barrel, while WTI crude futures were down 0.1 percent at $77.25.

As economic and interest-rate uncertainty weigh, the U.S. economy is seen falling into recession later this year.

According to the minutes of the latest Federal Reserve Policy meeting, officials projected a 'mild recession' starting later this year, with a recovery expected in 2024-2025.

A slew of data released on Thursday showed weekly jobless claims surged last week, manufacturing activity in the mid-Atlantic region plunged to its lowest level in 3 years in April and existing home sales fell in March.

U.S. crude oil inventories fell more than forecast last week, Energy Information Administration data showed earlier this week, but gasoline stockpiles jumped unexpectedly on disappointing demand.