Brent futures rose 3 cents to $79.67 a barrel by 0016 GMT, while U.S. West Texas Intermediate crude climbed 9 cents to $75.74 a barrel. Prices closed marginally higher on Thursday.
Brent was on track to close down 0.2% for the week, while WTI was set to tick up 0.4%. Both benchmarks had gained for three consecutive weeks.fell last week, supported by a jump in crude exports as well as higher refinery utilization, the Energy Information Administration said on Wednesday. In addition, recent data, including lower-than-expected inflation and moderating job growth, have convinced many investors and analysts that the Federal Reserve's expected July rate hike will be the last of its current tightening cycle.Keeping a lid on prices, however, were
. The world's second biggest oil consumer this week posted disappointing growth in second-quarter gross domestic product, increasing the likelihood of the economy's missing the government's 5% annual growth target.
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Oil dips amid mixed market signalsGlobal oil prices edged down on Wednesday, after opening higher at the start of Asian trade, as markets weighed US demand concerns against China’s pledge to support economic growth, tighter Russian supply and declining US inventories.
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