Oil prices saw a slight increase on Friday, yet they were poised to conclude the week on a lower note. This downturn was attributed to weaker U.S. employment figures, which sparked worries about the economic health of the world's foremost oil consumer. Additionally, the resumption of ceasefire negotiations in Gaza alleviated concerns about potential supply disruptions. Brent crude futures climbed by 67 cents, or 0.9%, reaching $77.89 per barrel at 0932 GMT, whereas U.S. West Texas Intermediate (WTI) crude futures gained 69 cents, or 1%, to $73.70. This week, Brent futures have declined by approximately 2%, and WTI has dropped nearly 4%. Both benchmarks reached their lowest points since early January. This slump followed the U.S. government's significant reduction in its estimate of job additions by employers from the beginning of the year to March. This development raised fears of a possible U.S. recession, which could negatively impact oil demand in the leading oil-consuming country. However, some analysts argue that the market overreacted to the revised job figures. Attention will focus on a keynote speech by Federal Reserve Chair Jerome Powell, scheduled for 1400 GMT on Friday, with expectations high for a rate cut starting next month. PVM Oil analyst John Evans commented, "A quarter point cut in September is already factored in and is likely to be met with indifference. However, a half-point cut would contradict the Fed's strategy of a gradual easing of monetary policy." Morgan Stanley noted in a recent report that a reduction in oil inventories has offered some support to oil prices. "Currently, the oil market is in a tight balance, with inventories decreasing by about 1.2 million barrels per day over the last four weeks, a trend we anticipate will persist through the remainder of the third quarter," the bank stated. Data from China, the largest oil importer, indicates a faltering economy and diminishing demand from refineries. Meanwhile, renewed efforts to establish a ceasefire in Gaza between Israel and Hamas have also contributed to easing supply concerns and putting downward pressure on oil prices. New negotiations between U.S. and Israeli delegations, which commenced in Cairo on Thursday, aim to resolve issues related to a proposed truce.