Oil steady as weak Chinese economic data offsets gains from lower oil stocks

Brent oil prices were little changed on Friday and were set to close flat for the week after three straight weeks of gains, as markets weigh lower U.S. crude inventories and tapering interest rate hikes against weak Chinese economic data that could cap demand.

Brent futures rose 3 cents to $79.67 a barrel by 0016 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 9 cents to $75.74 a barrel. Prices closed marginally higher on Thursday.