FE
Oil prices were little changed on Friday but headed for a second week of losses as supply fears driven by conflict in the Middle East, a key producing region, eased, while the demand outlook at the world’s top crude importer China remains clouded.
Brent crude futures rose 29 cents, or 0.3%, to $87.14 a barrel by 0505 GMT, while U.S. West Texas Intermediate crude futures gained 36 cents, or 0.4%, to $82.82 a barrel.
“Oil prices have managed to ride on the improved risk environment higher, as markets continue to bask in the hopes that the Fed is likely done with its rate hiking process,” said Yeap Jun Rong, market strategist at IG.
“Nevertheless, there are still some reservations around oil demand outlook this week as China’s PMI did not provide much conviction of a demand revival in place,” Yeap added.
