2024-01-26T04:30:13+00:00
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/ Oil prices suffered a decline in early trading on Friday, but they are heading to close the week with a strong rise, thanks to positive economic data from the United States and China and a decline in US crude inventories.
Brent crude futures were down 32 cents, or 0.39 percent, at $82.12 a barrel by 0115 GMT, while U.S. West Texas Intermediate crude was down 41 cents, or 0.5 percent, at $76.95.
Brent crude is set to end the week up 4.5 percent, while the U.S. benchmark is set to post a weekly gain of 4.8 percent. Both benchmarks are set to rise for a second straight week.
Chinese officials have asked their Iranian counterparts to help curb attacks by Yemen’s Houthi rebels on ships in the Red Sea or risk damaging trade ties with Beijing, sources said, a move that helped ease concerns about potential supply disruptions.
Prices have been supported this week by a larger-than-expected drop in U.S. crude inventories, strong economic data from the United States and China and concerns about supply disruptions after a Ukrainian drone attack on an oil refinery in southern Russia.
The Energy Information Administration said Wednesday that U.S. crude oil inventories fell by 9.2 million barrels after winter weather affected crude production.
On the demand side, data showed the US economy grew more than expected in the fourth quarter, and China announced a major cut in banks’ reserve requirements to stimulate growth.