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Elham AbolFateh

Middle East

Oil jumps more than 1 percent after two-day fall، still set for weekly drop

Friday 12/October/2018 - 10:17 AM
Sada El Balad
Rehab Sayed
Crude prices jumped 1 percent on Friday، rebounding after two days of heavy declines with support from robust Chinese crude imports، but oil was still heading for its first weekly drop in five weeks, Reuters reported.
Brent crude futures had risen $1.02 cents، or 1.3 percent، to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown.

Brent is still on course for a 3.4 percent decline this week، the biggest drop in about four months.

U.S. West Texas Intermediate (WTI) crude futures were up 80 cents، or 1.1 percent، at $71.77 a barrel، after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.

Asian shares found a slightly firmer footing on Friday to set course for their first gains in two weeks، but the rout continued in Shanghai after Wall Street extended its slide into a sixth session. [MKTSGLOB]

China’s daily crude oil imports in September hit their highest level since May، customs data showed on Friday

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