|
Brent futures, which have risen nearly 5% this week, were down
63 cents, or 0.8%, at $78.64 a barrel at 0824 GMT. U.S. West
Texas Intermediate (WTI) crude fell 44 cents, or 0.5%, to
$73.93, having gained about 7% so far this week.
The contracts were set for 6% and 4% monthly drops,
respectively, after hitting their lowest since 2021 earlier in
the month in the wake of the largest bank failures since the
2008 financial crisis.
Worries about a full-blown global banking crisis have abated
after two banks, in the U.S. and Europe, were rescued.
Markets are now waiting for U.S. personal consumption
expenditures (PCE) inflation figures, tracked closely by the
Federal Reserve, which are due at 1230 GMT. [MKTS/GLOB]
Economists polled by Reuters expect the core PCE index to ease
to 0.4% in February from January and stay broadly steady on an
annual basis at 4.7%.
On Thursday, the U.S. House of Representatives passed a bill
intended to bolster U.S. oil and gas production while scaling
back climate initiatives.
Oil prices were buoyed after producers shut in or reduced output
at several oilfields in the semi-autonomous Kurdistan region of
northern Iraq following a halt to the northern export pipeline.
Also sending a bullish signal was data showing U.S. crude oil
stockpiles fell to a two-year low. [EIA/S]
Prices have also found support as China's manufacturing activity
rose in March, exceeding expectations, albeit at a slower pace
compared with record-breaking expansion in February.
With oil prices recovering from recent lows, the Organization of
the Petroleum Exporting Countries and allies led by Russia are
likely to stick to their existing deal to cut oil output at a
meeting on Monday, sources said.
(Additional reporting by Sudarshan Varadhan and Andrew
HayleyEditing by Mark Potter)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
