Oil rises but on track for third week of losses due to demand worries

HOUSTON: Oil prices edged higher in Asian trade on Friday but were poised for a third straight week of losses after markets fell dramatically on fears of a weakening US economy and slowing Chinese demand, according to Reuters. Brent crude was set to close at $0.60, or 0. For the week, Brent was down 8.1 percent, while WTI was set to close 10.0 percent lower.