Brent crude futures gained 23 cents, or 0.3 per cent, to $74.68 a barrel by 0840 GMT, while US West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4 per cent
Oil futures steadied on Friday after data showed a fall in crude and fuel inventories in the United States and the emergence of more fiscal stimulus to boost China’s economy, though prices were headed for their biggest weekly loss in more than a month.
Brent crude futures gained 23 cents, or 0.3 per cent, to $74.68 a barrel by 0840 GMT, while US West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4 per cent.
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Brent and WTI are set to fall about 6 per cent this week, their biggest weekly decline since Sept. 2, after OPEC and the International Energy Agency cut their forecasts for global oil demand in 2024 and 2025.Fears also eased about a potential retaliatory attack by Israel on Iran that could disrupt Tehran’s oil exports.
“Positive US economic data has helped alleviate some growth concerns, but market participants continue to monitor potential demand recovery in China following recent stimulus measures,” said Hani Abuagla, senior market analyst at XTB MENA.
US retail sales increased slightly more than expected in September, with investors still pricing in a 92 per cent chance for a Federal Reserve rate cut in November