2023.09.2909:58:00UTC+00Oil Prices Edge Higher In Cautious Trade

Oil prices traded slightly higher on Friday, as positive Eurozone inflation and U.K. GDP data outweighed expectations of supply increases by Russia and Saudi Arabia.

A weaker dollar and forecasts of positive demand from China during its Golden Week holiday also underpinned prices.

Benchmark Brent crude futures rose 0.4 percent to $93.44 per barrel in European trade, while WTI crude futures were up half a percent at $92.20.

Oil prices were on course for a more than 2 percent weekly gain amid signs of supply tightness.

Data showed earlier today that Eurozone inflation hit a two-year low in September - supporting expectations that the European Central Bank will keep interest rates on hold.

Additionally, the British economy grew stronger than expected in the first quarter -helping ease concerns over slowing global growth.

Focus remains on the Chinese property sector after China Evergrande Group said its founder is being investigated over suspected "illegal crimes".

The dollar eased from a 10-month high but was still headed for its biggest quarterly gain in a year ahead of key U.S. personal consumption data due later in the day.