Oil prices head for weekly gain on China growth hopes
Oil prices slipped in early trade on Friday but were on track to post gains of nearly 2% for the week as a rebound in China's factory activity offset growing concerns about rising U.S. crude stocks and potential rate hikes in Europe, News.Az reports citing Reuters.
Brent crude futures fell 39 cents, or 0.5%, to $84.36 a barrel at 0147 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.5%, at $77.75 a barrel%.
Despite opening lower on Friday, Brent has climbed about 1.6% so far this week, on course for a second consecutive week of gains, while WTI has jumped about 2%, rebounding from a small loss the previous week on hopes of strong growth in fuel demand in China, the world's top oil importer.
Manufacturing activity in China grew last month at the fastest pace in more than a decade, reinforcing expectations of a fuel decmand recovery. Seaborne imports of Russian oil are set to hit a record high this month.