Oil prices were subdued on Friday and headed for another monthly decline, as weak U.S. data and worries about potential rate hikes by global central banks such as the Fed, the ECB and BOE weighed on the demand outlook.
Benchmark Brent crude futures were marginally lower at $78.20 a barrel, while WTI crude futures were down 0.2 percent at $74.62.
Brent contract was on course for its fourth straight monthly fall while WTI contract was on track for its sixth straight monthly decline.
Investors remain worried about a weakening U.S. economy and the impact that would have on fuel demand.
U.S. GDP grew 1.1 percent in the first three months of 2023 after expanding by 2.6 percent in the fourth quarter of 2022, the government said in its advance estimate on Thursday.
Meanwhile, the quarterly inflation number within the GDP report came in higher than expected and jobless claims unexpectedly declined in the week ended April 22, underpinning rate hike expectations for next week's FOMC meeting.
On the supply side, Russian Deputy Prime Alexander Novak' said on Thursday that the oil markets reman balanced there is no need for further output cuts despite lower-than-expected Chinese demand.
