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.
Oil prices rose in Asian trade, as investors balanced concerns about output cuts by producers and shipping attacks against reduced expectations of rate cuts.
Oil prices edged down morning as markets digested comments from Fed officials pointing to a more patient stance regarding potential interest rate cuts.
Oil prices eased after a data showed that U.S. crude inventories jumped much more than expected, raising concerns about demand in the world's largest economy.
Oil prices rose in early trade, on track for weekly gains, with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas.
"We're in a situation now where in a couple of years time we're going to be very short on supply," Occidental CEO Vicki Hollub said.