The oil market edged lower during the year-end holiday season on weak US jobs data and a decline in natural gas futures.
West Texas Intermediate (WTI) fell 0.7% to settle at $70 a barrel. US natural gas futures fell more than 5% on Thursday, dragging down the energy complex after forecasts showed lower-than-expected heating demand.
The repeated figures for US jobless claims rose to a three-year high, capping a broader market rally that has weighed on crude.
The development erased earlier positive oil sentiment on reports that China was providing more flexibility as local officials invested in government bond yields while keeping interest rates on hold for now.
The American Petroleum Institute said commercial crude inventories fell by 3.2 million barrels last week, making it the fifth straight decline.
Crude oil is headed for a modest annual decline, although prices have been confined to a narrow range since mid-October.
Looking ahead to 2025, traders are looking at possible implications from Donald Trump's upcoming presidency as well as China's efforts to support the economy and global oil supply prospects, with OPEC+ planning to ease restrictions only gradually after a series of cuts.
