Oil steadied as a risk-on mood in wider markets and a weaker dollar offset concerns about higher supplies in the US and elsewhere.
West Texas Intermediate held near $60 a barrel, headed for a fifth weekly gain. Brent crude closed near $64. Data on Thursday showed the US economy expanded more than initially expected in the third quarter. The US currency dropped, making commodities cheaper for overseas buyers.
In China, meanwhile, People's Bank of China Governor Pan Gongsheng signaled there is room to cut interest rates further and inject liquidity into the banking system, supporting growth, according to an an interview with the official Xinhua News Agency. The country is the world's largest oil importer.
Crude has edged higher this month, following a slump in 2025 that was driven by concerns about a global glut spurred by supply increases from OPEC+ as well as drillers outside the alliance. Earlier this week, the International Energy Agency reiterated its outlook that output was expected to run ahead of demand this year by a wide margin, boosting stockpiles.
There have been signs of increased supplies. In the US, nationwide crude inventories rose for a second week, with the 3.6 million barrel build pushing holdings to the highest since November. There are also flows returning in the Mediterranean and Black Sea region, while Venezuelan oil finds its way into global markets following the US intervention.
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