Oil futures edge up ahead of the weekend

Oil futures tilted higher in American trade, moving farther away from ten-month lows as the dollar gave up ground, following earlier data from the US, the world's largest energy consumer. 

As of 05:56 GMT, US crude futures due on August 16 rose 0.26% to $42.85 a barrel from the opening of $42.74, while Brent crude futures due on August 16 added 0.33% to $45.37 a barrel from the opening of $45.22, as the dollar index shed 0.34% to 97.26 from the opening of 97.59. 

Earlier US data showed the preliminary readings for both manufacturing and services PMI down in June, while new home sales rose past expectations in May. 

Markets now await Federal Open Market Committee member Jerome Powell's speech later today, titled "Central Clearing and Liquidity" at the Federal Reserve Bank of Chicago Symposium on Central Clearing

Oil futures are recovering on profit-taking, while still heading for the fifth weekly loss in a row, the longest such streak since 2015, as markets price in above five-year averages global oil inventories at 292 million barrels, and after US, Libyan, and OPEC production increased in May. 

 Otherwise, the Energy Information Administration released its report on US crude stocks, showing a drawdown of 2.5 million barrels in the week ending June 16, adding to the 1.7M drop in the previous reading, while analysts expected a 1.2% fall, with total stocks now reaching 509.1 million barrels, remaining within the upper range in average for this time of year. 

Gasoline stocks fell 0.6 million barrels, while distillate stocks rose 1.1 million barrels, both remaining within the upper range in average for this time of year.