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Oil ends the week with a gain of 1.9%
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Baghdad today - follow-up
Oil prices fell in early trading today, but are set to record a weekly gain of about 2 percent, as the recovery of factory activity in China offset the impact of escalating concerns about the increase in US crude stocks and the possibility of raising interest rates in Europe.
And by 01:47 GMT, Brent crude futures fell 39 cents, or 0.5%, to $84.36 a barrel. West Texas Intermediate crude futures fell 41 cents, or 0.5%, to $77.75 a barrel.
Despite its decline today, Brent crude rose by about 1.6% since the beginning of the week and is on its way to recording a second weekly gain, while West Texas Intermediate crude jumped about 2%, after a slight loss in the previous week, thanks to hopes for strong growth in fuel demand in China, The largest importer of oil in the world, according to Reuters.
Manufacturing activity in China grew last month at the fastest pace in more than a decade, boosting expectations of a recovery in the world's second-largest economy after tough anti-COVID-19 restrictions were lifted.
Despite its decline today, Brent crude rose by about 1.6% since the beginning of the week and is on its way to recording a second weekly gain, while West Texas Intermediate crude jumped about 2%, after a slight loss in the previous week, thanks to hopes for strong growth in fuel demand in China, The largest importer of oil in the world, according to Reuters.
Manufacturing activity in China grew last month at the fastest pace in more than a decade, boosting expectations of a recovery in the world's second-largest economy after tough anti-COVID-19 restrictions were lifted.
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