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Brent crude futures for June were up 42 cents, or 0.5%, at
$78.79 a barrel by 0946 GMT while the more actively traded July
contract was down 1 cent at $78.21. Brent is set for its fourth
straight monthly fall.
Brent prices retraced earlier losses after data showed the euro
zone returned to growth in the first quarter, albeit only
modestly and more slowly than expected.
U.S. West Texas Intermediate (WTI) crude lost 15 cents, or 0.2%,
to trade at $74.61 a barrel and is set for its sixth straight
monthly decline.
Data on Thursday showed that U.S. economic growth slowed more
than expected in the first quarter.
Investors are worried that potential interest rate hikes by
inflation-fighting central banks could slow economic growth and
dent energy demand in the United States, Britain and the
European Union. The U.S. Federal Reserve's next policy meeting
is over May 2-3.
On the supply side, Russian Deputy Prime Minister Alexander
Novak said on Thursday said the OPEC+ producer group saw no need
for further output cuts despite lower than expected Chinese
demand.
The Organization of the Petroleum Exporting Countries (OPEC) and
allies including Russia, known collectively as OPEC+, this month
cut its combined output target by about 1.16 million barrels per
day (bpd), which sent oil prices higher.
The market rallied on the OPEC+ announcement but has since
weakened on concern about possible recession and the impact that
would have on demand.
Energy Information Administration data this week showed that
U.S. crude oil and gasoline inventories fell more than expected
last week as demand for the motor fuel picked up ahead of the
peak summer driving season.
(Reporting by Shadia Nasralla; Additional reporting by Yuka
Obayashi in Tokyo and Jeslyn Lerh in Singapore; Editing by David
Goodman)
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