Oil prices meandered on Friday as investors pondered slowing demand forecast by an influential group and weak U.S. retail sales data that sparked optimism about U.S. interest rate cuts. Brent crude futures dropped 11 cents, or 0.1%, to $82.75 a barrel at 0131 GMT. U.S. West Texas Intermediate crude futures rose 1 cent to $78.04 a barrel.
Both contracts climbed over 1% on Thursday as a larger-than-expected drop in U.S. retail sales prompted hopes the Federal Reserve will soon start cutting interest rates in coming months, which could be positive for oil demand. The U.S. Commerce Department report showed retail sales dropped 0.8% in January, the biggest fall since February 2023. Economists polled by Reuters had forecast retail sales dipping 0.1%.
