Oil futures mixed as dollar strengthens

Oil futures were mixed on Friday as the dollar index rebounded from December 6 lows for the second session, following a basket of data from the US, the world's largest energy consumer. 

As of 07:59 GMT, US West Texas Intermediate rose 0.51% to $57.33 a barrel from the opening of $57.04, while Brent futures due on February 15 dipped 0.14% to $63.22 a barrel from the opening of $63.31, as the dollar index rose 0.52% to 93.98 from the opening of 93.49. 

Earlier US data showed the Empire State Manufacturing Index dipped slightly to 18.0 in December from 19.4, missing expectations of 18.8. 

US industrial production slowed down to 0.2% in November from 1.2% in October, revised from 0.9%, while analysts expected a 0.3% rise. The Capacity Utilization Rate rose to 77.1% from 77.0% in October, missing expectations of 77.2%. 

Earlier this week, the Federal Reserve voted to increase interest rates by 25 basis points for the third time this year, while updating their three-year forecasts for growth, inflation, unemployment, and interest rates.

On Wednesday, the Energy Information Administration released its report on US crude stocks, showing a deficit of 5.1 million barrels in the week ending December 8, adding to a 5.6M drop in the previous reading, while analysts expected a 3.6M decline, with total stocks now reaching 443 million barrels, remaining within the upward range on average in this time of year. 

Otherwise, gasoline stocks rose 5.7 million barrels, while distillate stocks, including heating fuel, fell 1.4 million barrels, remaining within the lower range on average in this time of year.