Oil prices were little changed on Friday but are on track to end the week lower, as weaker U.S. employment data raised concerns over demand, and renewed ceasefire talks in the Middle East eased worries about supply disruptions.

- Brent crude futures rose by 16 cents, or 0.2%, to $77.38 a barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 15 cents to $73.16. Brent futures have fallen by about 3% so far this week, while WTI has lost nearly 5%.

- Both contracts hit their lowest levels since early January this week after the U.S. government sharply lowered its estimate of jobs added by employers in the country this year through March. This sparked concerns about a potential recession in the United States, which could affect demand in the world's largest oil-consuming nation, but some analysts believe that this was an overreaction to the jobs revision.

- The recent decline in oil was driven by fears of a sharp economic downturn in the United States. However, the data showed that the labor market is cooling gradually rather than rapidly slowing. This was supported by signs of robust demand in the U.S.

- Recent data from China, the world's largest oil importer, points to a struggling economy and slowing oil demand from refiners there. Renewed efforts for a ceasefire in the Middle East have also helped ease supply concerns and impacted oil prices.

- Oil prices could find support in the coming weeks as global inventories have declined over the past two months.

- The market continues to speculate on OPEC's next move. The oil-producing group announced earlier this year that it plans to increase output in the fourth quarter. However, prices remain low. This could lead to a delay in these plans to support prices.

-------------------------------------
For more articles click here