WASHINGTON (dpa-AFX) - Oil futures settled higher on Friday as the dollar came off two-year highs after soft PCE readings helped ease concerns about the outlook for interest rate cuts.
However, the upside was just marginal due to persisting concerns about the outlook for oil demand from China, the world's second largest economy.
A lack of details on Chinese stimulus measures and signs of reduced U.S. fuel consumption also fueled worries about weakening demand.
The Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, recently lowered its oil demand growth forecast.
The dollar index dropped to 107.59, losing about 0.75%.
West Texas Intermediate Crude oil futures gained a marginal $0.08 or about 0.1%, settling at $69.46 a barrel. Oil futures shed about 2.5% in the week.
Brent crude futures closed at $72.94 a barrel, gaining $0.06 or 0.08%.
Investors also noted U.S. President-elect Donald Trump's warning that the European Union may face tariffs if the bloc does not cut its growing deficit with the U.S. by making large oil and gas trades with the world's largest economy.
A report from Baker Hughes said the oil and gas rig count remained at 589 in the week to Dec. 20. The total rig count down is down by 31 rigs, or 5% below this time last year.
The report said oil rigs were up one to 483 while natural gas rigs were down one to 102.
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