Oil ebbs but stays on course to weekly gains

Oil drilling rigs

Oil prices declined today, April 6, but were on course to weekly gains for the third time in a row, as OPEC+ output cut and lower US inventories offered support.

International benchmark Brent crude fell 0.4% to $84.65 a barrel, at 10:05 am Makkah time.

West Texas Intermediate (WTI) crude was down 0.47% at $80.23 a barrel, but still held 6% higher this week.

The Energy Information Administration data showed a decline in US crude inventories by 3.7 million barrels last week.

Markets will study the US weekly unemployment claims data due later today, and the monthly jobs report (on April 7) as they could indicate the next steps the Fed will take on interest rates.