Oil prices edged higher in early trade on Friday, extending a rally into a third day, as investors weighed hopes for strong fuel demand after a larger-than-expected drawdown in U.S. crude stocks, brushing off worries about a global economic slowdown.

South Korea's finance ministry on Friday warned economic growth could slow on increasing downside risks for exports.

The global reclaimed rubber market is set to witness an impressive growth rate of 10.9% over the forecasted years Billion of 2022 to 2032. The reclaimed rubber market size is anticipated to reach a valuation of around US$ 3.25 by the end of year 2032 from the current valuation of US$ 1.15 Billion in 2022. 

Oil prices eased on Thursday, reversing course from the previous session, as rising output from Russia and worries about a potential global recession weighed on futures.

China must take more effective measures to speed up the pace of recovery in domestic consumption including spending on services and big-ticket items, Vice Premier Hu Chunhua said on Wednesday, as the already soft economy showed more signs of weakening.

Federal Reserve officials saw "little evidence" late last month that U.S. inflation pressures were easing, and steeled themselves to force the economy to slow down to control an ongoing surge in prices, according to the minutes of their July 26-27 policy meeting.