Oil prices edged up less than a percentage point in early Asian trade on Friday, but not enough to prevent crude from closing down for a third straight week as the US economy weighed on the market and demand remained elusive, Oil Prices.co.uk reported on May 4.

Brent crude was up 0.88 percent, or 64 cents, at $73.14 a barrel at 4:31 a.m. GMT on Friday. West Texas Intermediate crude rose 0.86 per cent, or 59 cents, to $69.15 a barrel.

Brent fell 8.5 percent in the first four days of the week, while West Texas Intermediate lost more than 10 percent for the week

Brent crude fell from $87.33 a barrel on April 12 to $73 a barrel on May 4 as economic data from the United States came in and fears of a weakening economy spread. The Federal Reserve’s meeting on Wednesday also weighed on oil prices. The Fed raised interest rates by another quarter point at the meeting, but also signaled a pause if inflation continues to ease. There are still concerns that higher interest rates will slow economic growth and negatively impact oil prices, and the bank of America failure has added to that unease.

Asia’s economic recovery will be an important determinant for oil prices, but the data remains uncertain after manufacturing activity fell in April after three months of growth.

The oil market will now focus on next week’s U.S. crude inventory data, which many analysts expect to show a third straight decline that could boost prices or help stem the losses.

Crude inventories fell below their five-year average for the first time this year last week, a development that failed to lend support to prices. According to Standard Chartered, the traditional inverse relationship between inventories and oil prices has broken down.