• Oil dipped for a second session, trimming a weekly gain, as investors weighed concerns over a global economic slowdown against a bullish outlook for Chinese demand following the end of COVID Zero.
• West Texas Intermediate futures fell below $78 a barrel in Asia on Friday, but are still up almost 6% for the week.
• The market is still waiting for a sustained rebound in Chinese demand after the end of COVID Zero, which some predict will drive Brent oil back above $100 a barrel later this year. However, options traders are betting that price rally may come as soon as late May, much earlier than most are forecasting.