Oil prices edged down in early Asian trading on Friday but were on track to gain more than 3 per cent for the week as U.S. jobs data calmed demand concerns and fears of a widening Middle East conflict persisted.Brent crude futures fell 9 cents, or 0.11 per cent, to $79.07 a barrel by 0030 GMT. U.S.
FILE PHOTO: An oil worker walks towards a drill rig after placing ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant/File PhotoOil prices edged down in early Asian trading on Friday but were on track to gain more than 3 per cent for the week as U.S. jobs data calmed demand concerns and fears of a widening Middle East conflict persisted.
"Crude oil continued it recovery from its recent plunge as elevated geopolitical risks came into focus," ANZ analyst Daniel Hynes said. Iran-aligned Houthi militants continued attacks on international shipping near Yemen this week in solidarity with Palestinians in the war between Israel and Hamas. Also lending some support, Libya's National Oil Corp. declared force majeure at its Sharara oilfield from Wednesday, a statement said, adding that the company had gradually reduced the field's production because of protests.
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