Oil prices crept higher on Friday, but headed for a second week of declines as disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook.
Brent crude futures for June was up 47 cents, or 0.6%, to $78.84 a barrel at 0656 GMT, while the more actively-traded July contract was 52 cents, or 0.5%, higher at 78.63 a barrel.Both benchmark contracts had fallen by about 3.5% this week as of 0656 GMT.
Investors are also worried that potential interest rate hikes by inflation-fighting central banks could slow economic growth and dent energy demand in the United States, Britain and the European Union. "The market is quiet due to a mixture of bullish and bearish economic data and as a recovery in the global equity market gave a relief to investors," said Satoru Yoshida, a commodity analyst at Rakuten Securities.On the supply side, Russian Deputy Prime Ministeron Thursday the OPEC+ group saw no need for further output cuts despite lower-than-expected Chinese demand, but that the organisation could always adjust policy if necessary.
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