2023.02.0308:21:00UTC+00Oil Prices Subdued In Lackluster Trade

Oil prices were subdued on Friday and headed for their second straight week of losses as investors weighed the prospects of recession in developed countries and awaited further signs of fuel demand recovery in China.

The dollar bounced back in early European trade, weighing on prices.

Benchmark Brent crude futures slipped 0.3 percent to $81.96 a barrel, while WTI crude futures were down 0.2 percent at $75.72.

Ratings agency Fitch Solutions has reiterated its Brent crude price forecast for this year at $95 per barrel, citing China's earlier-than-expected easing of COVID-19 containment measures and continued production restraint by OPEC+.

The dollar traded higher today after earnings from three of Silicon Valley's largest companies disappointed investors.

Apple reported its worst holiday performance in four years and Amazon reported its least profitable holiday quarter since 2014 while Alphabet posted fourth-quarter revenue that fell below analysts' estimates.

The dollar's rebound comes, a day after the European Central bank (ECB) and the Bank of England (BoE) hiked rates by 50 basis points (bps) each.

On Wednesday, the Federal Reserve hiked rates by 25 basis points, as widely expected, but gave little indication it is nearing the end of its tightening cycle.