Oil prices set for weekly gains on renewed enthusiasm around US economy
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Oil prices are set for a second consecutive weekly gain after upbeat US economic data eased investor worries about a potential recession in the top oil consuming nation. Brent crude futures fell 16 cents, or 0.2%, to $80.88 per barrel by 0024 GMT. US West Texas Intermediate crude futures fell 23 cents, or 0.3%, to $77.93 a barrel. Brent was set to advance 1.6% on a weekly basis, while WTI was on track for gains of about 1.5%. Investors found renewed optimism around US economic growth after a government report showed US retail sales rose 1% last month, well above market forecasts for a 0.3% gain. Also, fewer Americans filed new applications for unemployment benefits last week. Oil markets are now focusing on fundamentals and geopolitics, with markets anticipating retaliatory attacks from Iran against Israel over the killing of a Hamas leader in Tehran. Demand signals from the US and China have been shaky, with US crude inventories posting a surprise jump earlier this week and Chinese refineries lowering crude processing rates on tepid fuel demand. The Organization of the Petroleum Exporting Countries (OPEC) has pared its demand outlook for this year citing softer expectations for China.

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https://www.brecorder.com/news/40317811/oil-prices-set-for-weekly-gains-on-renewed-enthusiasm-around-us-economy