Brent crude climbed six cents to $83.27 a barrel by 0855 GMT, while U.S. West Texas Intermediate crude rose four cents to $78.93
Oil prices steadied after earlier declines on Thursday caused by disappointing economic data from key economies, with investors awaiting a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves.
Japan reported shrinking factory activity for a third straight month in August. Euro zone business activity also declined more than expected, particularly in Germany. Britain’s economy looked set to shrink in the current quarter, leaving it in danger of falling into recession. Meanwhile, Federal Reserve officials and policy-makers from the European Central Bank, the Bank of England and the Bank of Japan head to Jackson Hole where higher-for-longer interest rate talk may dominate despite a dip in inflationary pressures.
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