After a meeting between Saudi Arabia and Russia calmed the markets, oil prices changed little on Friday. However, after a banking crisis triggered a massive sell-off in global financial markets this week, crude oil benchmarks are still heading for a second weekly fall.

After ending three days of losses to 1.4% higher on Thursday, Brent oil futures rose 2 cents to $74.72 per barrel at 0133 GMT. Brent oil futures rose 2 cents to $74.72 per barrel at 0133 GMT, after ending three days of losses to stand at 1.4% higher on Thursday.

In fact, this week, both contracts hit their lowest levels in over a year and are expected to see their biggest weekly drop since December, around 10%. While the collapse of Silicon Valley Bank (SVB) and Signature Bank prompted the U.S. and Swiss governments to rush to shore up bank liquidity, oil and other global assets were hit this week.

The advisory committee of the Organization of Petroleum Exporting Countries and their allies, including Russia, a group known as OPEC+, will meet on April 3. For the first time since December 2021, WTI fell below $70 per barrel.