Oil steady as markets weigh Fed rate cut expectations, Chinese demand
Oil prices settled little changed on Friday as markets weighed Chinese demand and interest rate-cut expectations after data showed cooling U.S. inflation.
Brent crude futures closed up 6 cents, or 0.08%, at $72.94 a barrel. U.S. West Texas Intermediate crude futures rose 8 cents, or 0.12%, at $69.46 per barrel.
Both benchmarks ended the week down about 2.5%.
The U.S. dollar retreated from a two-year high, but was heading for a third consecutive week of gains, after data showed cooling U.S. inflation two days after the Federal Reserve cut interest rates but trimmed its outlook for rate cuts next year.
A weaker dollar makes oil cheaper for holders of other currencies, while rate cuts could boost oil demand.
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