Brent futures were down 63 cents at $78.64 a barrel at 0824 GMT, while U.S. West Texas Intermediate crude fell 44 cents to $73.93
Oil prices dipped on Friday, with benchmarks heading for their weakest monthly performances since November, ahead of key U.S. inflation data which could give clues on future interest rate moves and the strength of the dollar.
The contracts were set for 6 per cent and 4 per cent monthly drops, respectively, after hitting their lowest since 2021 earlier in the month in the wake of the largest bank failures since the 2008 financial crisis. Markets are now waiting for U.S. personal consumption expenditures inflation figures, tracked closely by the Federal Reserve, which are due at 1230 GMT.
On Thursday, the U.S. House of Representatives passed a bill intended to bolster U.S. oil and gas production while scaling back climate initiatives.
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