Gate News, March 6 — Oil prices slightly declined on Friday, providing a breather for the battered global stock markets. However, with little sign of easing in the Middle East conflict, Asian stock markets are still on track to record their largest weekly decline in six years. Reports indicate that the U.S. government is considering possible intervention in the futures market to curb rising oil prices, leading to a drop in prices. Despite this, the week is still set to see the largest weekly gain since the Russia-Ukraine conflict began, with an increase of nearly 20%. Pepperstone senior research strategist Michael Brown said that oil prices are temporarily consolidating and oscillating around current levels as a wait-and-see attitude dominates for now. Daliip Singh, chief global economist at PGIM Fixed Income, stated that the market needs to assess a range of more extreme scenarios, but currently there is little reliable information about the likelihood of each extreme and their transitional phases.
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