Oil prices were set to snap a two-week losing streak despite trading marginally lower early on Friday, amid optimism about higher energy demand from top crude importer China and a weaker dollar, APA reports citing Reuters.
Brent futures dipped 17 cents, or 0.2%, to $75.50 a barrel by 0341 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 16 cents, also 0.2%, to $70.46 a barrel. Both benchmarks surged about 3% during the prior session.
In the United States, data released on Thursday showed retail sales unexpectedly rose in May, along with higher-than-expected jobless claims last week. The dollar , fell to a five-week low versus a basket of other currencies.
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