Crude oil traded steady on Friday with prices on track to post their first weekly gain of the year.
Heading into the European session, Brent crude oil futures traded little changed at $83 a barrel while US WTI traded at $78 a barrel.
Brent is set to end the week up 6.5%, while US WTI is headed for a 6% gain.
This was supported by increased confidence in economic recovery in China after the world's largest importer of crude oil reopened its international borders for the first time in 3 years.
Media reports show Chinese cities are witnessing high road congestion, while domestic airlines have recorded an increase in passengers since December.
This situation gives a positive sign for fuel demand from the world's second giant economy, especially since Beijing also published a higher crude oil import quota for 2023.
In the meantime, the weak US inflation reading also supports the market which shows that price pressure in the world's number 1 economy is easing.
Even so, the increase in US oil supply limited the black commodity from moving higher to erase the losses recorded last week.
