Oil prices head for weekly gains

Trading

Oil prices are heading to record a weekly gain of about two percent after achieving slight gains in early trading on Friday, as strong demand during a holiday in China and continued scarcity in the United States overshadowed the impact of expectations of possible increases in supplies from Saudi Arabia.

Brent crude futures for November, which expire today, rose five cents to $95.43 a barrel.

Brent crude futures for December rose 13 cents to record $93.23 a barrel by dawn on Friday.

US West Texas Intermediate crude rose 16 cents to $91.87 a barrel.

Source: National Iraqi News Agency