Oil broke higher throughout July after being stuck in the $72-78 range throughout May and June, supported by Saudi production cuts and geopolitical risks.
Oil prices were little changed on Thursday as a lower-than-expected drop in US crude inventories and the prospect of potentially weaker demand kept investors cautious.
September Brent futures fell 2 cents to $79.44 a barrel at 0530 GMT, while August West Texas Intermediate (WTI) crude rose 1 cent to $75.36 a barrel. The August WTI contract expires on Thursday.
After heavy selling pressure overnight, oil prices are trying to stabilize this morning.
Prices fell in the previous session as investors turned to profits after data showed US oil stocks fell less than analysts expected.
Meanwhile, the US dollar was largely unchanged at 0530 GMT and fell 0.2%.
The demand outlook in China, the world’s largest buyer of crude oil, is also uncertain in a slowing economy.
Analysts say demand shows a mixed picture with stronger gasoline and jet fuel, but weaker petrochemicals and diesel.
Crude oil prices are expected to struggle to find a clear direction in the next few weeks amid a mixed global demand outlook.
