Key Points
(Reuters) Oil prices eased in early trading on Friday, but were set to close higher for the week on positive economic data from the United States and China and a draw in U.S. crude stocks...
U.S. West Texas Intermediate crude fell 41 cents, or 0.5%, to $76.95...
Chinese officials have asked their Iranian counterparts to help rein in attacks on ships in the Red Sea by the Iran-backed Houthis, or risk harming business relations with Beijing, sources said, in a move that helped ease worries of potential supply disruption...
Boosting prices for the week, however, were a larger-than-expected draw in crude inventories, strong economic data from the United States and China, and worries of supply disruption after a Ukrainian drone attack on an oil refinery in southern Russia this week...
On the demand side, supporting prices this week, data showed that the U.S. economy grew more quickly than expected in the fourth quarter and China announced a deep cut to bank reserves to spur growth...
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