Oil prices trade sideways as demand fears linger, markets weigh key economic data

Mumbai: Oil prices traded sideways on Friday after a brief uptick earlier in the session as the market juxtaposed a slowdown in fuel demand against supply uncertainty.

U.S. manufacturing and services PMIs came in well below expectations, while the German manufacturing and services sectors slowed their pace of expansion in June with a decline in exports and soaring inflation.

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OPEC+ holds its next meeting on June 30, and will most likely focus on August output policies in the meeting.

Official weekly estimates for U.S. oil inventories that were scheduled to be released on Thursday would be delayed until next week due to “system issues”, according to the U.S. Energy Information Administration.

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Gold prices were flat on Friday, but on track to post their second straight weekly decline as investors weighed the U.S. Federal Reserve’s decision to hike interest rates to curb surging inflation.

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Policymakers raised interest rates by 75 basis points last week, while Powell signalled that another similar move was on the cards at the next meeting in July.