WASHINGTON (dpa-AFX) - Oil futures settled lower on Friday, weighed down by concerns about the outlook for global oil demand amid rising tensions in the Middle East. A firm dollar weighed as well on oil prices.
However, recent data showing a drop in inventories in the U.S., and prospects of increased demand in the U.S. in the summer driving season, helped limit the downside in oil prices.
West Texas Intermediate crude oil futures for July ended down by $0.56 or about 0.7% at $80.73 a barrel. WTI crude futures gained about 3% in the week, recording a gain for the second straight week.
Brent crude futures dropped to $85.24 a barrel, losing 0.7%.
Flash PMI reports for June from various European economies and U.K. painted a sluggish picture of regional economies, raising concerns about oil demand.
Eurozone business recovery slowed sharply in June as the manufacturing sector downturn gathered momentum and activity in the services sector deteriorated.
The HCOB's preliminary composite Purchasing Managers' Index, compiled by S&P Global, fell to 50.8 from May's 52.2.
Elsewhere, U.K. private sector growth eased to a seven-month low in June as a slowing of service sector growth offset a stronger performance in manufacturing.
A report from Baker Hughes showed the oil rig count in the U.S. fell by 3 to 485 this week.
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