Oil held in the narrowest weekly trading range since 2021, ahead of US economic data that may help set the tone for broader markets.
West Texas Intermediate was steady near $82 a barrel after advancing 1% on Thursday, with prices moving in a band of about $2 this week. Brent closed above $86. The stalemate in crude markets has prompted investors to focus on further-dated contracts next year including for June and December.
Oil is on track for a monthly gain, and prompt spreads are signaling some strength in the market. Traders will be watching personal consumption data later Friday for clues on the path forward for US monetary policy.
