LIVE UPDATES
Oil prices gave up some of their gains on Friday as worries about demand increased following strong US jobs data, which dampened hopes of the Federal Reserve cutting interest rates in the near future.
Brent crude futures inched up by 12 cents to $79.99 a barrel, while US West Texas Intermediate crude futures rose by 28 cents to $75.83 as of 1328 GMT.
The US jobs data for May showed a faster growth than expected, suggesting that the Federal Reserve is likely to delay any interest rate cuts until at least September. This dashed hopes of a quick rate cut, similar to those made by the euro zone and Canada.
Major Western economies have maintained high or record-high interest rates for an extended period to control inflation. However, high borrowing costs can hinder economic activity and reduce the demand for oil.
Despite the slight uptick in oil prices, concerns about demand continued to weigh on the market. This led to crude heading for its third consecutive weekly loss, following the decision by OPEC+ to gradually increase oil output from October and the rise in US inventories.
China also added to demand worries on Friday as data revealed a drop in crude oil imports, despite an increase in exports for the second consecutive month. China is the largest buyer of crude oil in the world.
Tamas Varga, an oil broker at PVM, noted that while exports exceeded expectations, the overall imports were still down, raising concerns for the oil market.
