Oil market settled flat as investors digested economic data

International benchmarks for crude oil settled mixed, but with little changes on Friday, 6 January 2023 as traders weighed the weaker US dollar against a series of bearish economic data. A weaker US dollar makes commodities traded in this currency more appealing to international investors. However, with the weak manufacturing data in China and the drop in the US services industry activity, the market remained concerned over the demand outlook. 

In other news, Saudi Arabia cut oil prices to Asia to the lowest levels in 14 months.

Brent futures fell 12 cents equivalent to 0.2%, settling at $78.57 per barrel.

West Texas Intermediate (WTI) crude settled at $73.77 per barrel, a rise of 0.1% equivalent to 10 cents.