Brent oil prices were little changed on Friday and were set to close flat for the week after three straight weeks of gains, as markets weigh lower U.S. crude inventories and tapering interest rate hikes against weak Chinese economic data that could cap demand.
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 per cent for the week, while WTI was set to tick up 0.4 per cent. Both benchmarks had gained for three consecutive weeks.
Supporting prices, U.S. crude inventories 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 China's weak economic figures.