Oil prices stabilise, but set for big weekly loss amid trade gloom, rising output
Oil prices steadied on Friday after a rough week, squeezed about 4 per cent lower by a combination of rising global supply and uncertain future demand.
US crude surfaced for air for the first time in four days, gaining 15 cents, or 0.3 per cent, to $54.33 a barrel by 0103 GMT. The contract was heading for a weekly loss of more than 4 per cent. Brent crude was up 6 cents, or 0.1 per cent, at $59.68 a barrel, leaving it also on track for drop of nearly 4 per cent.
Worries over global economic growth, along with oil demand, continued to haunt the market as leaders from the United States and China continue to struggle to end a 16-month dispute that has roiled trade between the world’s top two economies.
