Oil declined, but was still on track for its biggest weekly gain in more than a month, as investors weigh further signs of a slowing global economy against tightening crude supplies.
West Texas Intermediate for December delivery lost 21 cents to $56.02 a barrel on the New York Mercantile Exchange as of 7:40 a.m. London time. The contract added 26 cents to close at $56.23 on Thursday. Prices are up 4.2% this week, the most since the week ended Sept. 20.
Brent for December settlement slipped 20 cents, or 0.3%, to $61.47 a barrel on the London-based ICE Futures Europe Exchange. Prices are 3.5% higher this week. The global benchmark crude traded at a $5.45 premium to WTI.
Source : Bloomberg