Oil fell on Thursday as weak US economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped.
Brent crude futures fell 74 cents, or 0.9 per cent, to $84.25 a barrel by 0344 GMT. West Texas Intermediate US crude slid 73 cents, also 0.9 per cent, to $79.88 a barrel.
Brent and WTI have both gained more than 5.5 per cent so far this week, headed towards three straight weeks of increase, after the Organisation of the Petroleum Exporting Countries and allies including Russia, a grouping known as OPEC+, pledged voluntary production cuts.
