Oil prices fell slightly on Friday but were on course for their biggest weekly gain in almost two months on signs of easing COVID-19 restrictions in China and the prospect of steady OPEC supply.
Benchmark Brent crude futures slipped 0.1 percent to $86.78 a barrel, while WTI crude futures were down 0.3 percent at $80.98.
While troubling U.S. manufacturing data and uncertainty over the outcome of Sunday’s OPEC+ meeting weighed on prices, the downside remained capped by a weaker dollar and news that the U.S. government may pause sales from its strategic petroleum reserves.
Meanwhile, the Wall Street Journal reported that the European Union is moving toward a price cap of $60 a barrel on Russian crude.
The dollar steadied near 16-week low ahead of key U.S. jobs data due later in the day that is expected to show a sizable slowdown in hiring.
China, the world’s second-largest economy, is easing pandemic-related movement restrictions that should help boost oil demand.
After a week of historic protests, cities such as Shanghai, Guangzhou, Beijing and Shijiazhuang in the north, Chengdu in the southwest have announced an easing of the COVID curbs.
The material has been provided by InstaForex Company – www.instaforex.com
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