Oil falls ahead of key US economic data Oil falls ahead of key US economic data

Oil fell ahead of key U.S. economic data. Brent crude has fallen below $85 a barrel and has been hovering in a narrow range of $1.76 so far this week, the smallest swing since early 2021. Investors are awaiting a raft of U.S. economic data over the next two days, including jobs figures. Even unexpectedly large U.S. crude inventories failed to prompt stronger price action on Wednesday. U.S. crude was little changed on Thursday, falling to $80 a barrel. Oil is on track for a monthly gain and there are expectations that prices will rise further in the coming quarter due to seasonal strength. The results of upcoming elections in Iran and France could add further volatility. “Demand signals remain mixed, but broadly positive given summer travel and cooling demand,” said Charu Chanana, market strategist at Saxo Capital Markets in Singapore. U.S. Gulf Coast crude inventories rose by 2 million barrels last week, the highest since 2020 on a seasonal basis, while overall inventories reached their highest level since April. There are signs that fuel consumption is tepid as demand for gasoline and jet fuel wanes.