(Bloomberg) — Oil edged lower as the market weighed strong US economic data and the possibility of an attack by Iran or its proxies on Israel against a lackluster demand outlook in China.
West Texas Intermediate fell below $78 a barrel after rising 1.5% on Thursday, with Brent crude closing just above $81. Robust retail sales and jobs data from the US, the biggest oil consumer, helped offset concerns about slowing fixed-asset investment and industrial activity in China, the largest importer.
Global benchmark Brent is on track for a second weekly gain, rebounding from a seven-month low at the start of last week. The market remains on tenterhooks for signs of any significant development in the Middle East, as Israel began talks with international mediators about a proposed pause to the more than 10-month-old war in Gaza.
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