Oil prices dip to settle at 3-week low on US and China economic concerns | Reuters

Oil prices dip to settle at 3-week low on US and China economic concerns | Reuters

Oil prices eased on Friday and settled at a three-week low as traders worried about negative economic news from the U.S. and China and signs of growing supply.

Losses were limited by optimism U.S. trade deals could boost global economic growth and oil demand in the future.

Brent crude futures fell 74 cents, or 1.1%, to settle at $68.44, while U.S. West Texas Intermediate (WTI) crude fell 87 cents, or 1.3%, to settle at $65.16.

Those were the lowest settlement levels for Brent since July 4 and WTI since June 30.

For the week, Brent was down about 1% with WTI down about 3%.

#UAE stocks gain on trade optimism and higher oil prices | Reuters

UAE stocks gain on trade optimism and higher oil prices | Reuters

Stock markets in the United Arab Emirates closed higher on Friday, mirroring gains in oil prices, with Dubai's index leading the advance, driven by a surge in the real estate and telecom sectors. 

Oil prices - a key catalyst for the Gulf's financial markets - rose on Friday as optimism surrounding trade talks supported the outlook for the global economy and oil demand, offsetting reports of a possible spike in oil supply from Venezuela. 

There was increasing optimism of a trade agreement between the U.S. and the European Union after the U.S. and Japan secured a trade deal this week. Two European diplomats said the EU was moving towards a deal involving a baseline U.S. tariff of 15% on EU imports, plus possible exemptions. 

Dubai’s main index (.DFMGI), opens new tab extended its winning streak to a third session, climbing 0.6%, buoyed by a 2.6% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.3% gain in toll operator Salik Company (SALIK.DU), opens new tab. 

Among other gainers, telecom operator Emirates Integrated Telecommunications (known as Du) (DU.DU), opens new tab gained 1% after reporting growth of 25% in its second-quarter net profit to 726.8 million dirhams ($197.89 million). 

Banks propelled Abu Dhabi’s benchmark index (.FTFADGI), opens new tab to close 0.4% higher. 

Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, the UAE's third-largest lender jumped 3.3%, while Bank of Sharjah (BOS.AD), opens new tab surged 4.9%. 

Easy Lease Motor Cycle Rental (EASYLEASE.AD), opens new tab climbed 3.5% after the firm reported a more than fourfold increase in its second-quarter net profit, with quarterly revenue also rising 96% year-on-year. 

Both indexes recorded a fifth week of gains, with Dubai ending 0.9% higher and Abu Dhabi adding 0.8%, according to LSEG data.