Oil prices regain ground after weeks of decline

U.S. crude futures gained 41 cents, or 0.6%, to $71.28.

They recovered from losses of about 3%-4% over the past two sessions.

For the week, both benchmarks were on track for little change after three consecutive weeks of declines.

The U.S. government has said it will buy oil when prices are consistently at or below $67 to $72 per barrel.

Concerns about weak demand in China also kept investors cautious.

China’s April consumer price data rose at a slower pace and missed expectations, while factory gate deflation deepened, suggesting more stimulus may be needed to boost a patchy post-COVID-19 economic recovery.

The oil market largely ignored the Organisation of the Petroleum Exporting Countries (OPEC) global oil demand forecast for 2023, which projected demand in China, the world’s biggest oil importer, would increase.