Oil price heads for big weekly gain after OPEC-fueled rally

01/10/2016 (Arab News – KSA): NEW YORK: Oil prices were on track to their largest weekly advance in more than month on Friday, supported by planned OPEC output cuts, but profit-taking after a two-day rally kept benchmark crude contracts below the key $50 per barrel mark. Both Brent and US crude’s West Texas Intermediate (WTI) futures showed gains of 7 percent or more on the week after the Organization of the Petroleum Exporting Countries surprised oil traders and investors on Wednesday with a preliminary agreement to remove some 700,000 barrels per day (bpd) from the market. On Friday, the two benchmarks diverged. Brent’s front-month contract for November was down 34 cents, or 0.7 percent, at $48.90 a barrel by 1626 GMT ahead of its expiry at Friday’s settlement. For the week, it was up 7 percent, its most since the week ended Aug. 19…

http://www.arabnews.com/node/992091/economy

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