Brent crude futures rose 16 cents, or 0.2%, to $82.33 a barrel at 0110 GMT, while US West Texas Intermediate (WTI) crude futures gained 18 cents, or 0.2%, to $76.06 a barrel.
So far this week, Brent has fallen 4.8%, extending a 1.1% loss from the previous week. WTI fell 4.5% after falling 2% the previous week.
Mixed signs of a recovery in fuel demand in China, the world’s largest oil importer, kept the market in check.
ANZ analysts pointed to a surge in traffic in China’s 15 biggest cities after the Lunar New Year holiday, but also noted that Chinese traders had been “relatively absent” from the markets.
The prospect of an economic rebound in China after the easing of COVID-19 restrictions has supported the oil market so far this year, along with a weaker dollar that makes the commodity cheaper for those holding other currencies.
The dollar fell because aggressive interest rate hikes by the US Federal Reserve are no longer expected, as other major economies continue to raise rates even as inflation has come down. Although supported by a weaker greenback, oil’s gains were limited by the prospect of slow growth in the United States, the world’s largest oil consumer, and recessions in places like Britain. , Europe, Japan and Canada.
“The crude demand outlook needs a clear sign that China’s reopening will be smooth and that U.S. economic growth momentum is not rapidly deteriorating,” said OANDA analyst Edward Moya, in a note.
