Oil Dips at End of Choppy Week as Iran Remains in Spotlight - Yahoo Finance

Oil Dips at End of Choppy Week as Iran Remains in Spotlight

(Bloomberg) -- Oil dipped at the end of a turbulent week, with the market weighing strong US economic data and a possible attack by Iran or proxies on Israel against a lackluster Chinese demand outlook.

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Brent crude traded below $81 a barrel and was about 2% higher for the week, with West Texas Intermediate below $78. Robust retail sales and jobs data from the US, the world’s biggest oil consumer, helped offset concerns about slowing fixed-asset investment and industrial activity in top importer China.

Global benchmark Brent is on track for a second weekly gain, rebounding from a seven-month low near the start of last week. The market remains on tenterhooks for developments in the Middle East, as Israel began talks with international mediators about a proposed pause to the 10-month-long war in the Gaza Strip.

“Crude oil remains choppy with Brent having settled into a relatively tight range around $80,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. Concerns about an Iranian attack “may support prices ahead of the weekend given the two-day event risk.”

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--With assistance from Alex Longley.

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