Oil prices were little changed on Friday and on track to end the week lower, as downward revisions to U.S. jobs data raised demand concerns and renewed ceasefire talks in Gaza eased supply disruption concerns.
Both Brent crude futures and WTI crude futures were up 10 cents, or 0.1%, at 0433 GMT. Brent futures, which have fallen about 3% so far this week, were at $77.32 a barrel, while WTI futures, which have fallen about 5%, were at $73.11.
Both indices reached their lowest levels since early January this week after the U.S. government sharply cut its forecast for jobs added by employers in the country through March this year.
That has raised concerns that a possible U.S. recession could hurt demand in the top oil-consuming nation, but some analysts see the job revision as an overreaction.
The latest decline was driven by concerns about a sharp economic downturn in the U.S. However the data showed the labor market was gradually cooling rather than slowing rapidly. That was supported by signs of strong demand in the U.S.
Recent data from China suggests a struggling economy and slowing demand for oil from refineries there.
Renewed ceasefire talks in Gaza have also helped ease supply concerns and weighed on oil prices.
Some analysts say there are signs that oil could find support in the coming weeks as global oil inventories have fallen in the past two months.
The market is keeping an eye on OPEC’s next move. The producer group announced plans earlier this year to increase output in the fourth quarter. But prices remain under pressure. Plans to boost output to support prices are likely to be postponed if that happens.
