|
Brent crude prices fell by 8 cents, or 0.1%, to $85.03 a barrel
by 0938 GMT. U.S. West Texas Intermediate crude futures fell 17
cents, or 0.2%, to $82.65 a barrel.
The U.S. dollar index climbed for the second consecutive session
after stronger-than-expected data on the U.S. labor market and
manufacturing earlier in the week. A stronger greenback dampens
demand for dollar-denominated oil from buyers holding other
currencies.
A lack of concrete stimulus measures from top oil importer China
has also weighed on commodities overall, ANZ analysts said in a
note.
Meanwhile, Chinese officials acknowledged on Friday the sweeping
list of economic goals re-emphasized at the end of a key
Communist Party meeting this week contained "many complex
contradictions", pointing to a bumpy road ahead for policy
implementation in the world's second largest economy.
China's economy grew by a slower-than-expected 4.7% in the
second quarter, official data showed, sparking concerns about
the country's oil demand.
Traders in oil, gas, power, stocks, currencies and bonds from
London to Singapore struggled to operate on Friday as a global
cyber outage hampered operations, companies, banks and trading
sources said.
Meanwhile, two large oil tankers were on fire on Friday after
colliding in waters near Singapore, the world's biggest
refueling port, with two crew members airlifted to hospital and
others rescued from life rafts, authorities and one of the
companies said.
Oil prices found some support in the prior two sessions after
the U.S. government reported a bigger-than-expected weekly
decline in oil stockpiles.
The OPEC+ producer group is unlikely to recommend changing the
group's output policy, including a plan to start unwinding one
layer of oil output cuts from October, three sources told
Reuters on Thursday.
"We think Q3 balances are set to tighten, due to continued OPEC
restraint and seasonal demand increases, before weakening in Q4
on additional supplies from OPEC+ and the U.S.," BNP Paribas
analyst Aldo Spanjer wrote in a research note.
(Additional reporting by Sudarshan Varadhan in Singapore Editing
by)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
