Oil heads for weekly gains on colder weather and Chinese policy support
The Peninsula
Doha: Oil prices rose on Friday, closing the week higher on the back of cold weather in Europe and the US as well as additional economic stimulus flag...
Doha: Oil prices rose on Friday, closing the week higher on the back of cold weather in Europe and the US as well as additional economic stimulus flagged by China.
Brent crude futures settled 58 cents, or 0.8%, higher at $76.51 a barrel, the highest level since Oct 14.
US West Texas Intermediate crude closed 83 cents, or 1.13%, to $73.96, the highest level since Oct 11.
Brent notched a 2.4% weekly gain, while WTI climbed nearly 5%.
Signs of Chinese economic fragility heightened expectations of policy measures to boost growth in the world’s top oil importer, noted Al-Attiyah Foundation in its Weekly Energy Market Review.
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