Oil edged up slightly on Friday but was on track for its biggest weekly loss in over a month due to concerns about outlook for demand and easing fears of supply disruptions.

Benchmark Brent crude futures edged up 0.2 percent to $74.63 a barrel in European trading, while WTI crude futures were up 0.3 percent at $70.91.

Both contracts were on track for weekly losses of about 6 percent after OPEC and the International Energy Agency slashed their forecasts for global oil demand in 2024 and 2025.

Oil prices stabilized somewhat today as positive U.S. economic data and data showing a fall in crude and fuel inventories in the United States have helped alleviate some growth concerns.

Meanwhile, data showed today that China's economic growth slowed to 4.6 percent in the third quarter, backing calls for more stimulus measures.

China's major commercial banks have cut their deposit rates for a second time this year after officials lowered mortgage and lending rates as part of efforts to boost the economy.

In another development, China's central bank has officially launched a swap facility aimed at boosting the equity market.

On the geopolitical front, tensions persist after Hamas leader Yahya Sinwar was killed during an operation by Israeli soldiers in the Palestinian enclave on Wednesday.

Lebanon's Hezbollah militant group said today it was moving to a new and escalating phase in its war against Israel while Iran said "the spirit of resistance will be strengthened".

For comments and feedback contact: [email protected]