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Oil prices were unchanged on Friday, reversing an early slide as strong service sector data from Asia and Europe helped calm market fears that a recession may be imminent.
Benchmark Brent crude futures were marginally higher at $84.79 a barrel, while WTI crude futures were virtually unchanged at $78.16.
Oil prices headed for a weekly gain of nearly 2 percent amid a pullback in the dollar and on optimism over China's demand recovery.
Activity in China's services sector expanded at the fastest pace in six months in February due to easing of pandemic-era restriction, a private sector survey showed earlier today.
Japan's services sector in February expanded at its fastest rate since June 2022, while the services sector in Australia bounced back into expansion in February, separate reports showed.
Elsewhere in Europe, S&P Global's Composite Purchasing Managers' Index (PMI) reached an eight-month high of 52.0 last month from 50.3 in January, helping ease worries of a euro zone recession for now.
Meanwhile, the dollar index eased and was on course for its first weekly loss since January after comments from a Federal Reserve official raised hopes that the Fed with stick with a 25-bps rate hike at its next meeting in March.
