SINGAPORE, March 17 Reuters Oil prices firmed on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, but were headed for their biggest weekly falls since December as a banking crisis rocked global financial and oil markets.

Brent crude futures firmed by 30 cents to 75 a barrel by 0704 GMT, having snapped three days of losses to settle 1.4 higher on Thursday.

U.S. West Texas Intermediate crude went up by 21 cents to 68.53 a barrel, after closing 1.1 higher in the previous session.

Both contracts hit their lowest in more than a year this week and are set to post their biggest weekly falls since December at about 10.

Oil and other global assets were undercut this week by the collapse of Silicon Valley Bank SVB and Signature Bank and trouble at Credit Suisse and First Republic Bank, which sent the U.S. and Swiss governments scrambling to provide support.

Oil demand is being repriced, but we see little change in fundamentals and are inclined to ride out financial sector volatility, keeping our price forecasts unchanged for now as we await updates on potential policy actions in the coming weeks, JPMorgan analysts said in a note, referring to an OPEC meeting and Washington most likely moving to start refilling strategic reserves.

The advisory committee of the Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC, will meet on April 3.

Further declines in prices…