Oil extends weekly gain as traders look for clues on economy

​Oil extended a weekly gain, with investors awaiting further economic data as the fallout from the banking crisis continued to ripple across markets.

West Texas Intermediate futures edged toward US$70 a barrel after climbing almost four per cent last week. As the bank-sector turmoil sparks recessionary fears, U.S. authorities are considering expanding an emergency lending facility — among several options on the table.

Oil remains on track for its steepest first-quarter loss since 2020 as a potential U.S. recession, French strikes and resilient Russian output weigh on the outlook. In the days ahead, traders will look to Federal Reserve officials for clues on the path forward for monetary policy, and a key measure of U.S. inflation is due.