Despite Friday’s rebound, this week was brutal for oil prices. Slides earlier in the week led to a third straight week of losses for crude.

The S&P 500 Energy Select Sector ETF (XLE) ended the week down 5.7%, despite a strong rebound on Friday’s trading.

Much of the fall in prior sessions was driven by recessionary fears, capped by Wednesday’s 25 basis point rate hike by the Federal Reserve. The hike was one more hit to an economy investors already see as teetering due to the banking crisis.

The banking crisis had already been playing havoc with crude prices. As regional banks came under pressure, the price of oil plummeted.

Tom Kloza, OPIS global head of energy analysis, said in an interview with Yahoo Finance, “If we get a debacle in the financial markets, it will definitely have collateral damage in oil.”

FHN Macro Strategist Will Compernolle wrote in a note this week, “Energy price movements are consistent with rising market expectations for a recession.”

Adding to the woes, the Weekly Petroleum Status Report from the Energy Information Agency showed gasoline and jet fuel demand falling in the week ending April 28th.

Although analysts widely expected China’s reopening to to lift oil, the increase in demand has not been consistent. Factory activity in the Asian nation unexpectedly fell in April, tanking demand expectations.

During an earnings call for energy giant BP, Murray Auchincloss, chief financial officer of BP (BP), said, “I think from a demand side perspective, the Chinese story from an industrial capacity perspective is still to play out throughout the year.”

He added, “It’s why we are constructive on oil prices looking out through the rest of the year.”

Friday’s trading was the one bright spot for the commodity, as West Texas Intermediate (WTI) rose 4.1%, and Brent crude was up 3.9%. However despite the gains, WTI was still down 7.1 for the week, while Brent fell 5.3% over the same period.