Oil prices were little changed on Friday, on track to end the week lower, as downward revisions to U.S. employment data raised concerns over demand and renewed ceasefire talks in Gaza eased worries about supply disruptions.
Both Brent crude futures and U.S. West Texas Intermediate (WTI) crude futures were up 10 cents, or 0.1% each, at 0433 GMT. Brent futures, which has shed about 3% so far this week, was at $77.32 a barrel, and WTI, which has lost nearly 5%, was at $73.11.
Both benchmarks hit 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 sparked concern about a potential recession in the U.S., hurting demand in the top oil-consuming nation, but some analysts say that’s 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 robust demand in the U.S.,” ANZ Research analysts said.
