Oil heads for another monthly decline as weak U.S. data weighs | Reuters

Oil heads for another monthly decline as weak U.S. data weighs | Reuters

Oil prices were heading for another monthly decline on Friday after disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook.

Brent crude futures for June were up 42 cents, or 0.5%, at $78.79 a barrel by 0946 GMT while the more actively traded July contract was down 1 cent at $78.21. Brent is set for its fourth straight monthly fall.

Brent prices retraced earlier losses after data showed the euro zone returned to growth in the first quarter, albeit only modestly and more slowly than expected.

U.S. West Texas Intermediate (WTI) crude lost 15 cents, or 0.2%, to trade at $74.61 a barrel and is set for its sixth straight monthly decline.