Oil prices fall but set for big weekly gain on trade dispute hopes - Reuters:
Oil gave back some of its recent gains on Friday, but was still headed for the biggest weekly increase since early July, boosted by a decline in U.S stocks, a looming hurricane in Florida and an easing of Sino-U.S. trade rhetoric.
Brent crude LCOc1 was down by 23 cents, or 0.4%, at $60.85 a barrel, by 0711 GMT, but was heading for a gain of more than 2% for the week.
U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 40 cents, or 0.7%, to $56.31 a barrel. The contract is still set for a gain of nearly 4% this week.
“Oil prices remain elevated and we are in the middle of trading range here for both Brent and West Texas,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.
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