Oil turns lower, but heads for weekly gain

Oil prices fell during on Friday, after the market absorbed positive Chinese data that lifted prices higher early in the session.

Chinese data showed today that the country's service PMI rose to 56.3 points in April, beating forecasts of 54.2 points.

The Chinese trade balance recorded a surplus of 277 billion yuan, better than forecasts of 130 billion yuan.

Analysts believe that the global oil demand is recovering gradually, as Chinese oil imports rose more than 7% during the first four months of 2021.

The dollar index fell against a basket of currencies by less than 0.1 90.9 points as of 12:23 GMT, after it hit a high of 90.9 points and a low of 90.7 points.

As of 12:19 GMT, WTI crude June futures fell 0.6% to $64.3 a barrel, after hitting a high of $65.2 and a low of $64.2.

Brent July futures fell 0.5% to $67.7 a barrel, after hitting a high of $68.6 and a low of $67.6.