Oil prices saw a slight change today, Friday, but they are heading toward a second consecutive weekly decline as disappointing economic data from the United States, the world's largest crude oil consumer, and uncertainty regarding interest rate hikes have raised concerns about future fuel demand. Brent crude futures for June delivery rose by 16 cents, or 0.2%, to $78.53 per barrel. These contracts are set to expire today, and the most traded contract for July increased by 21 cents, or 0.3%, to $78.43 per barrel. West Texas Intermediate crude rose by 23 cents, or 0.3%, to $74.99 per barrel.
Brent crude is on track to decrease by 3.8% this week, following a 9.1% drop over the past two weeks, while West Texas Intermediate is also set to decline by 3.8% this week, bringing its two-week decline to 9.4%. Data showed that U.S. economic growth slowed more than expected in the first quarter, but jobless claims fell in the week ending April 22.
