Oil settles higher; posts weekly, monthly losses

Oil prices rose on Friday, April 28, but recorded losses for the sixth straight month, driven by heightened recession fears and the banking crisis. 

Brent crude for June delivery gained 1.5% to settle at $79.54 a barrel. The July contract recorded weekly and monthly losses of 2.6% and 0.4%, respectively.

Meanwhile, WTI crude for June delivery settled 2.7% higher at $76.78 a barrel. It posted a weekly loss of 1.4%, but recorded a monthly gain of 1.3%.

"The market was down much of the week on worries about a looming economic recession and an expansion of the banking crisis with First Republic," Reuters reported, citing Phil Flynn, an analyst at Price Futures Group.

On the other hand, the US oil rig count was unchanged at 591, according to Baker