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Oil fell for the third straight day as weak demand data from the US added to concerns that the global economy is heading toward recession.

Oil closed at the lowest in more than a week amid signs the crude market's tightness has slackened and the Israel-Hamas war will remain contained for the time being.

Oil sank despite US data showing the biggest drop in the nation's stockpiles in five weeks, with traders awaiting Sunday's OPEC+ meeting for more guidance on supply.

Oil edged lower, erasing short-lived gains stemming from Saudi Arabia's pledge to extend its voluntary output cuts by another month.

Oil fell for a second day as traders focused on bearish economic indicators and weakness in underlying physical markets.

Oil rose this week as US government promises to protect bank depositors and a lack of surprises from the Federal Reserve calmed investors.

Oil fell from an 11-week high as traders locked in profits and the commodity's 200-day moving average again provided a barrier to further advances.

Oil retreated from its highest close in almost a month as key technical gauges flashed weakness amid thin holiday trading.

Oil edged lower after a choppy session as broader risk-off sentiment dampened reduced crude production in North Dakota and Red Sea risks.

Oil fell as the lack of fresh drivers prompted some investors to exit positions ahead of the weekend and the dip below a key technical indicator accelerated selling.