WASHINGTON (dpa-AFX) - Oil prices traded lower on Friday, after having closed at their highest in more than two months the previous day on optimism around China's economy and fuel demand following a pledge by President Xi Jinping to promote growth.
Benchmark Brent crude futures slipped 0.1 percent to $75.86 in European trade, while WTI crude futures were down 0.3 percent at $72.95.
Both contracts remain on track for their second weekly increase on optimism surrounding China's commitment to economic growth and signs of shrinking crude stockpiles in the U.S.
To steer demand for credit, China's central bank is likely to cut interest rates from the current level of 1.5 percent 'at an appropriate time' in 2025, the Financial Times reported.
Separately, China today announced 'two new' initiatives to be funded by ultra-long-term bonds that aim to spur business investment and consumer-boosting initiatives.
The dollar held steady near two-year highs in European trade on expectations for higher-for-longer U.S. interest rates and amid the threat of tariffs from the incoming Trump administration.
The dollar headed for its best week since November after data showed U.S. jobless claims dropped to a nine-month low, boosting confidence the labor market's resilience.
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