Oil prices rose on Friday but were set for a fourth successive weekly decline, as signs of disappointing global fuel demand growth outweighed fears of supply disruptions.
Brent crude futures gained 62 cents, or 0.8%, to $80.13 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude futures rose 62 cents to $76.93.
Both benchmarks have declined about 7.3% over the last four weeks in the longest streak of consecutive weekly losses this year.
Disappointing economic data from top oil importer China and a survey showing weaker manufacturing activity across Asia, Europe and the United States raised the risk of an underpowered global economic recovery that would weigh on oil consumption.
“China’s road traffic saw a seasonal decline for the third consecutive year,” analysts at ANZ said in a note. “Weaker U.S. economic data suggested weakening oil demand prospects.”
