Oil down with market uncertain over US inflation, employment data

Brent futures, which have risen nearly 6% this week, were down 33 cents, or -0.42%, at $78.94 a barrel at 0630 GMT. U.S. West Texas Intermediate crude fell by 22 cents, or -0.3%, to $74.15, having gained about 8% this week.

Markets are now waiting for U.S. spending and inflation data on Friday and the resulting impact on the U.S. dollar. "The market may maintain its rebound if today’s U.S. PCE offers positive signals to the markets that US inflation is expected to cool further," said Tina Teng, an analyst at CMC Markets in Auckland.Prices have ticked up this week over optimism surrounding China's economic recovery.

Tell that to my local station because they were at 2.99 on Tuesday Wednesday it was back up to 3.11.

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