Economics
Oil Set for Weekly Drop on Rising Saudi Output and Trade Woes
- WTI rises 3.7%, the biggest jump since attacks on Saudi oil
- Crude ends the week lower, dragged down by trade tensions
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Oil rose the most in six weeks on upbeat U.S. jobs data and Chinese manufacturing figures, but persistent trade-war concerns kept prices down on the week.
Futures in New York rose 3.7% on Friday, the biggest jump since the attacks on Saudi oil infrastructure in September. U.S. hiring proved unexpectedly resilient in October and new Chinese manufacturing orders rose at the quickest pace in more than six years. Still, prices for the week were dragged down by concerns of a slowing global economy, abundant U.S. crude stockpiles and trade talks.