WASHINGTON (dpa-AFX) - Oil prices rose on Friday to extend gains from the previous session due to expectations of an imminent interest rate cut by the U.S. Federal Reserve.
However, prices remained on track for a weekly loss on U.S. and Chinese demand concerns and easing supply concerns amid ceasefire talks in Gaza.
Benchmark Brent crude futures climbed 0.9 percent to $77.89 in European trade, while WTI crude futures were up nearly 1 percent at $73.73.
Brent contracts were down by about 2 percent for the week and WTI by nearly 4 percent after the U.S. government significantly revised its job growth estimates downward, raising concerns about an imminent recession that could impact fuel demand in the world's largest economy.
Recent weak economic activity data from China also dented the outlook for demand.
A softer dollar helped oil prices recover more ground today as investors await Fed Chair Jerome Powell's Jackson Hole speech later in the day for greater clarity on the timing and pace of possible interest rate cuts this year.
Swaps pricing currently indicates three 25 basis point cuts across the remaining three Fed policy meetings this year.
Meanwhile, hopes dwindled for a ceasefire in the Gaza Strip as fighting raged on the ground in parts of Palestinian territory.
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