Oil prices jump 1% after two days of heavy losses
But Brent is still heading for a 3.6% fall this week, the biggest drop in about four months
Tokyo — Crude prices jumped 1% on Friday, rebounding after two days of heavy declines with support from robust Chinese crude imports, but oil was still headed for its first weekly decline in five weeks. Brent crude futures rose 89c, or 1.1%, to $81.15 a barrel by 4.55am GMT. The contract fell 3.4% on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown. Brent is still heading for a 3.6% decline this week, the biggest drop in about four months. US West Texas Intermediate (WTI) crude futures were up 75c, or 1.1%, at $71.72 a barrel, after a 3% fall in the previous session. WTI is on track for a 3.5% decline this week. Asian shares found a slightly firmer footing on Friday to set course for their first gains in two weeks, but the rout continued in Shanghai after Wall Street extended its slide into a sixth session. Japan's Nikkei was down 0.3% on Friday. On the oil front, China’s daily crude oil imports in September hit their highest ...
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