Oil prices react to financial market turmoil and job report.

Oil prices experienced a brutal week, with crude futures closing out their third straight week of losses. The S&P 500 Energy Select Sector ETF (XLE) also ended the week down 5.7%. Recession fears drove much of the downward movement, and the Federal Reserve's recent interest rate hike is expected to further slow the economy. The decline in oil prices played out in tandem with regional banking turmoil. Declining demand for gasoline and jet fuel was also reported in the EIA's Weekly Petroleum Status Report. While China reopening is expected to be a positive for oil, the demand hasn't been linear, and China's factory activity unexpectedly cooled in April, reducing demand expectations.