Oil rises on Chinese factory data but set for weekly loss
TOKYO/LONDON: Oil prices rose on Friday but remained on track for a weekly loss as a surprise bounce in Chinese manufacturing activity calmed investors’ worries about progress in US-China trade talks.
Brent crude was up 27 cents, or 0.4 per cent, at $59.89 a barrel by 0930 GMT, on course for a drop of about 3.4 per cent for the week.
West Texas Intermediate crude rose 32 cents to $54.50 a barrel, which would leave it with a weekly loss of more than 3.8 per cent.
A Reuters survey showed that oil prices are expected to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year.
