Oil futures were up slightly Friday, buoyed by an upbeat read on Chinese manufacturing activity, but remain on track for a weekly loss after a rise in U.S. inventories and uncertainty around U.S.-China trade talks.
West Texas Intermediate crude for December delivery rose 30 cents, or 0.6%, to $54.48 a barrel, while January Brent crude the global benchmark, gained 20 cents, or 0.3%, to trade at $59.82 a barrel.
Analysts attributed the bounce in part to data Friday showing a rise in the Caixin China manufacturing purchasing managers index to a 32-month high of 51.7 last month from 51.4 in September. That's in contrast to China's official manufacturing PMI released on Thursday, which fell to an eight-month low of 49.3 in October.
For the week, WTI is on track for a 3.9% fall, with Brent set for a 3.6% pullback. Supply concerns were expected to continue to keep a lid on upside, with Reuters reporting that its survey found output by members of the Organization of the Petroleum Exporting Countries recovered in October from an eight-year low. The bounce was powered by a rapid recovery in production by Saudi Arabia following September attacks on its infrastructure.
Source : Marketwatch