Brent crude futures gained 16 cents, or 0.2%, to $77.38 a barrel, while U.S. WTI crude futures edged up 15 cents to $73.16
Oil prices were little changed on Friday but on track to end the week down, as weaker U.S. employment data raised concerns over demand, and renewed ceasefire talks in the Middle East eased worries about supply disruptions.
Brent crude futures gained 16 cents, or 0.2%, to $77.38 a barrel at 0642 GMT, while U.S. WTI crude futures edged up 15 cents to $73.16. Brent futures have declined around 3% so far this week, while WTI skidded almost 5%.
Both benchmarks reached their lowest since early January this week, after the U.S. government sharply lowered its estimate of jobs added by employers in the country this year through March.
That triggered concern about a potential recession in the U.S. hurting demand in the top oil consuming nation, but some analysts say that was an overreaction to the jobs revision.
The recent slump was driven by concerns of a hard economic landing in the U.S. However, data showed the labour market is cooling gradually instead of rapidly slowing. This was supported by signs of strong demand in the U.S., ANZ Research analysts.
Recent data from China, the top oil importer, has pointed to a struggling economy and slowing oil demand from refiners there. A renewed push for a ceasefire in the Middle East also helped ease supply concerns and weighed on oil prices.
Some analysts said oil prices could find support in the weeks ahead as global inventories have dropped over the last two months.
The market continues to muse over OPEC’s next move. The producer group announced earlier this year that it plans to raise output in the fourth quarter. However, prices remain depressed. This could see these plans delayed in an effort to support prices, the ANZ analysts added.
