Brent crude oil price news: Oil prices looked set to snap a seven-week winning streak on Friday as concerns about demand growth in China as its economy slows, and the possibility of higher for longer U.S. rates triggered losses. Major benchmarks were little changed on Friday, with the U.S. West Texas Intermediate crude (WTI) up 10 cents, or 0.1 per cent, at $80.49 a barrel, while Brent crude was flat at $84.12 a barrel as of 0205 GMT.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The U.S. Federal Reserve's focus on containing inflation amid stronger-than-expected economic data was keeping a lid on oil prices. On Thursday, the U.S. Labor Department reported the number of Americans filing new claims for jobless benefits fell in the last week, suggesting the still-tight labour market could prolong the Fed's tightening campaign to cool the economy. That report followed similarly upbeat economic data earlier in the week, including U.S. retail sales, which all suggested the Fed may have to stick with higher rates for longer.

stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.