WASHINGTON (dpa-AFX) - Oil prices were little changed on Friday as the dollar hovered close to a one-week high against major rivals after the release of encouraging U.S. labor market data.
The downside, if any, remained limited after China's inflation data indicated some improvement in the world's second-largest economy.
Benchmark Brent crude futures slipped 0.1 percent to $79.09 a barrel, while WTI crude futures were little changed at 76.14.
Traders pared bets on big rate cuts by the Federal Reserve after data showed the number of people claiming unemployment benefits in the U.S. declined by 17,000 to 230,000 for the week ending August 3.
Markets expected the count to be 240,000, down from 250,000 in the previous week. The positive jobs data allayed apprehensions over a recession and helped boost hopes for fuel demand.
Traders also reacted to Chinese inflation data and monitored developments in the Middle East, with the U.S., Qatar and Egypt calling for a new round of cease-fire talks to end the war in Gaza.
China's consumer price inflation rose more than expected in July, while producer prices continued to fall, data from the National Bureau of Statistics showed today.
Consumer prices posted an annual increase of 0.5 percent after rising 0.2 percent in June. Prices were expected to gain 0.3 percent.
Producer prices decreased for the 22nd consecutive month. Prices fell 0.8 percent annually, the same pace of decline as seen in June. Economists had forecast prices to drop 0.9 percent in July.
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