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Brent futures were down 4 cents, or 0.05%, at $82.70 a barrel by
0823 GMT, while U.S. West Texas Intermediate (WTI) crude was
stable at $78.74.
The crude benchmarks are on track for their fifth weekly gain in
a row, with supplies expected to tighten due to output cuts from
the Organization of the Petroleum Exporting Countries (OPEC) and
allies.
Earlier-loading Brent contracts are selling above later
loadings, a price structure known as backwardation indicating
traders see tight supply, with the six-month spread near a
two-and-a-half month high.
Industry data on U.S. crude inventories is expected at around
2030 GMT. Four analysts polled by Reuters estimated on average
that crude inventories fell by about 2 million barrels in the
week to July 21. [EIA/S]
In China, the world's second-largest economy and second-biggest
oil consumer, leaders pledged to step up economic policy
support.
Business activity in the euro zone shrank more than expected in
July, a survey showed.
In the U.S., business activity slowed to a five-month low in
July, a closely watched survey showed, but falling input prices
and slower hiring indicate the Federal Reserve could be making
progress on its bid to reduce inflation.
Sending a bearish signal, a 110,000 barrel-per-day unit at the
huge U.S. refinery in Baton Rouge will be shut for up to four
weeks, sources said.
Investors have priced in quarter-point hikes from the Fed and
European Central Bank this week, so the focus will be on what
Fed Chair Jerome Powell and ECB President Christine Lagarde say
about future rate increases. [MKTS/GLOB]
(Additional reporting by Sudarshan Varadhan; Editing by Jan
Harvey)
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