Oil Prices Set for Weekly Gain 

Oil Prices Set for Weekly Gain 
Oil Prices Set for Weekly Gain 

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 US crude stocks and potential rate hikes in Europe.
Brent crude futures fell 39 cents, or 0.5%, to $84.36 a barrel. US West Texas Intermediate crude futures were down 41 cents, or 0.5%, at $77.75 a barrel%, Reuters reported.
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 by 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 demand recovery. Seaborne imports of Russian oil are set to hit a record high this month.
Comments by Atlanta Federal Reserve President Raphael Bostic that the Fed should stick with "steady" quarter-point rate eased concerns in the US, and helped support oil prices on Thursday even after strong unemployment data.

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