A new attempt at a ceasefire in Gaza between Israel and Hamas has also helped ease supply concerns and has weighed on oil prices. However, oil prices were little changed on Friday, on the verge of ending the week lower.

Brent crude oil and American West Texas Intermediate (WTI) crude oil futures were up 10 cents, or 0.1% each, at 04:33 GMT. Brent futures, which have lost around 3% since the start of the week, were at $77.32 per barrel, and WTI, which has lost nearly 5%, was at

The two benchmarks hit their lowest level since early January this week, after the US government sharply lowered its estimate of jobs created by employers in the country this year through March.

This has raised concerns about a possible recession in the United States that could hurt demand in the top oil-consuming country, but some analysts believe that this is an overreaction to the job review.