Oil prices fell, dragged down by a renewed focus on market fundamentals, as Israel and Iran played down the risks of increased hostilities in the Middle East.
Oil prices rose after Israel's military chief said his country would respond to Iran's weekend missile and drone attack amid calls for restraint by allies.
Oil prices rose on expectations of strong global demand, as even sticky U.S. inflation did not dent expectations the Fed might start cutting rates soon.
Oil prices rose in early Asian trading, but price moves were limited as the market waited for monthly reports from oil agencies.
Oil prices extended losses on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline.
Oil prices fell slightly as concerns about demand growth in China clashed with signs of supply tightness amid output cuts by major producers.
Traders have worried for months that faltering growth in China and an abundance of crude produced in the Americas will put downward pressure on prices.
Oil prices fell for a second day as pledges by China to transform its economy since the pandemic failed to impress investors concerned about slower consumption.
Oil prices edged up Friday, set to end the week slightly higher amid Gaza ceasefire talks complicated by the deaths of over 100 Palestinians awaiting aid.