Oil prices edged up in early trade on Friday on the prospect of OPEC+ continuing output cuts, but the crude benchmarks were headed for weekly losses on U.S. economic uncertainty and limited crude supply disruptions caused by the Israel-Hamas war.
Oil headed for its biggest weekly decline since February on signs of weakening demand, fueling speculation that OPEC+ will prolong output cuts to shore up prices.
Oil futures fell for a third straight session on Wednesday, settling at their lowest level since mid-March, after official U.S. data revealed an unexpected weekly rise of more than 7 million barrels in domestic crude inventories.
Oil prices settled on Thursday near their lowest level in seven-weeks, narrowly mixed and under pressure from weaker global demand, rising inventories and fading hopes for a quick cut in U.S. interest rates.
U.S. oil prices fell more than they have in months on Wednesday, dropping below $80 per barrel for the first time since March in response to signs of weak demand and an easing of Middle East tensions.
A raft of data has demonstrated that inflation is proving stubborn, consumer confidence is falling and the U.S. economy is growing more slowly than expected.
Oil prices fell to a seven-week low for the second consecutive session on Thursday, weighed by weakening global demand, rising inventories and fading hopes for an early decline in U.S. interest rates.
Oil prices rose on Thursday, rebounding from three days of losses that took prices to their lowest since mid-March. Brent crude futures for July gained 58 cents, or 0.7%, to $84.02 a barrel by 1130 GMT.
Oil prices rose on Thursday, rebounding from three days of losses, on expectations the lower levels may prompt the U.S., the world's biggest crude consumer, to start replenishing its strategic reserve,
Oil prices fell about 3% to a seven-week low on Wednesday on a surprise build in U.S. crude stocks, the prospect of a Middle East ceasefire agreement and as hopes faded for near-term U.S. interest rate cuts that could boost oil demand.
Crude oil futures ended little changed Thursday, as a surprisingly large build in U.S. stockpiles that raised concerns about demand and a potential ceasefire in the Middle East held down any potential rebound from yesterday's sharp losses.