Both crude oil benchmarks slipped from Thursday's close amidst a choppy trade.
Brent Oil Futures for August settlement traded between $73.58 and $77.68. It is currently at $75.81, having shed 0.20 percent from the previous close.
West Texas Intermediate (WTI) Crude Oil Futures for July settlement traded between a high of $71.66 and a low of $70.62. The current price of $71.03 represents a decline of 0.36 percent from the previous close.
Earlier prices were impacted by reports of a potential revival in the U.S.-Iran nuclear deal. However, both the nations have reportedly denied the same.
Weak inflation data from China triggered safe haven demand for the Dollar, lifting the Dollar Index 0.11 percent overnight to 103.46.
Data released on Tuesday showed Annual inflation in China rising to 0.2 percent in the month of May, from 0.1 percent in the previous month and versus expectations of 0.2 percent. Month-on-month inflation, which was seen steady at 0.1 percent, declined to 0.2 percent. Also, producer price inflation dropped to -4.6 percent, from -3.6 percent in the previous month amidst market expectations of -4.3 percent. The disappointing data called into question the status of post-pandemic recovery in China, raising concerns about the nation's potential oil demand.
