Singapore/Tokyo – Oil prices reversed earlier gains on Friday but benchmark Brent crude was still set for its first weekly gain in five weeks amid rising tensions in the Middle East and on hopes for a drop in US interest rates that may stimulate global growth.

Brent crude was down 10c, or 0.16%, at $64.35 a barrel by 4.58am GMT. The global benchmark jumped 4.3% on Thursday, leaving it set for a weekly gain of nearly 4%.

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