Oil settles up, weekly gain 4% as investors weigh Middle East risk and US election | Reuters

Oil settles up, weekly gain 4% as investors weigh Middle East risk and US election | Reuters

Oil prices settled higher on Friday and gained 4% on the week, with investors taking stock of the ongoing conflict in the Middle East as well as the U.S. election next month.

Brent crude futures settled up $1.67, or 2.25%, at $76.05 a barrel. U.S. West Texas Intermediate crude settled up $1.59, or 2.27%, to $71.78.

Brent settled 4% up on the week, while WTI settled 3.7% higher on the week.

"Really it seems like the market is bouncing around in a holding pattern till we get an answer to some of these questions on Israel, the war and the election," said Phil Flynn, senior analyst at Price Futures Group.

#UAE markets gain on resumption of Gaza ceasefire talks | Reuters

UAE markets gain on resumption of Gaza ceasefire talks | Reuters

Stock exchanges in United Arab Emirates rose on Friday as the planned resumption of Gaza ceasefire talks in the coming days eased market sentiments.

The head of Israel's Mossad intelligence agency will travel to Doha on Sunday to try to restart talks for a deal to release Israeli hostages being held in the Gaza Strip, Prime Minister Benjamin Netanyahu's office said on Thursday.

Mossad head David Barnea will meet with CIA director William Burns and the Qatari prime minister, Netanyahu's office said.

Dubai's main index (.DFMGI), opens new tab settled 0.3% higher, led by gains in industrial and utilities sector stocks.

Toll gate operator Salik Company (SALIK.DU), opens new tab jumped 1.1% and Parkin Company (PARKIN.DU), opens new tab increased 3%.

Market heavyweight Emirates NBD Bank (ENBD.DU), opens new tab and state-run utility firm Dubai Electricity And Water Authority (DEWAA.DU), opens new tab climbed 0.3% and 0.4%, respectively.

Dubai's outlook remains optimistic as more Q3 earnings releases are expected to support further upside, maintaining its bullish trend compared to regional peers, said Ahmed Negm Head of Market Research MENA at XS.com.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged 0.1% higher, snapping a four session losing streak, with UAE's third largest lender Abu Dhabi Commercial Bank (ADCB.AD), opens new tab rising 1.1% and Gulf Pharmaceutical Industries (JULPHAR.AD), opens new tab surging 14.4%.

Among the gainers, Easy Lease Motorcycle Rental (EASYLEASE.AD), opens new tab jumped 6.4% as the firm's third quarter net profit increased 69% quarter-on-quarter to 7.6 million dirhams ($2.07 million).

Oil prices - a key contributor to Gulf's economy - rose 0.8% to $74.98 a barrel by 1130 GMT.

Dubai index extended gains to a third week, finishing the week 0.2% higher, while Abu Dhabi logged 0.9% weekly losses, according to data compiled by LSEG.

ADNOC starts acceptance period for Covestro takeover offer | Reuters

ADNOC starts acceptance period for Covestro takeover offer | Reuters

Abu Dhabi's ADNOC said on Friday that the acceptance period for its voluntary public takeover offer for German chemicals maker Covestro (1COV.DE), opens new tab has started, with an end date of Nov. 27.

The company said the offer price was 62 euros ($67.06) per share in cash, representing a premium of about 54% to the unaffected share price of Covestro.