Crude futures were little changed on Friday but rose for a second week amid signs of improving U.S. demand and falling oil and fuel inventories.
Brent futures for August delivery fell 15 cents to $85.56 a barrel by 0356 GMT after rising 0.8% in the previous session.
U.S. WTI futures for August delivery fell 14 cents to $81.15 a barrel. The July contract ended up 0.7% at $82.17 a barrel on Thursday.
Prices have risen nearly 5% since the beginning of the month, hitting a seven-week high.
According to the latest EIA data, seasonal demand growth, conflict between Israel and Hezbollah, and hurricane season could keep prices strong during the summer months.
U.S. government data released on Thursday showed total supplies, a gauge of the country’s demand, rose by 1.9 million barrels per day (bpd) weekly to 21.1 million bpd.
Data from the Energy Information Administration (EIA) showed U.S. crude oil inventories fell by 2.5 million barrels in the week ended June 14 to 457.1 million barrels. Gasoline inventories fell by 2.3 million barrels to 231.2 million barrels, compared with a forecast of a 600,000-barrel increase, it said.
Global demand expectations also helped lift prices. Oil refineries in Asia are bringing back some idle capacity after maintenance.
Data released on Friday showed Japan’s core consumer prices rose 2.5% last month from a year earlier, growing from the previous month, and the country’s central bank is on track to raise interest rates in the coming months.
U.S. data on Thursday showing a decline in new jobless claims weighed on prices, which could prompt the Federal Reserve to hold interest rates steady. Higher interest rates typically limit economic growth and thus oil demand.
