US News
LONDON -Oil eased on Friday but was heading for a second weekly gain as positive U.S. economic growth and signs of Chinese stimulus boosted demand sentiment, while Middle East supply concerns added further support.
The United States, the world’s biggest oil consumer, registered faster than expected economic growth in the fourth quarter, data showed on Thursday. Oil demand sentiment was also buoyed this week by China’s latest measures to boost growth.
Brent crude futures were down 7 cents at $82.36 a barrel by 1435 GMT, having set their highest price so far this year with an intra-day peak of $82.57 in the previous session.
U.S. West Texas Intermediate crude was down 58 cents, or 0.8%, at $76.78.
“The economy remarkably weathered the storm caused by past rate rises and it remains ebullient at the beginning of 2024,” Tamas Varga, of oil broker PVM, said of the United States, adding that China’s cut to the amount of cash reserves banks must hold was “another welcome development”.
Brent crude and the U.S. benchmark were set for weekly gains of more than 4%. Both were on track for their biggest weekly increase since the week ending Oct. 13 after the start of the Israel-Hamas conflict in Gaza.