UPDATE -Oil jumps more than 1 pct after 2-day fall, still set for weekly drop
Oct 12 Crude prices jumped 1 percent on Friday, rebounding after two days of heavy declines with support from robust Chinese crude imports, but oil was still heading for its first weekly drop in five weeks.
Brent crude LCOc1 futures had risen $1.02 cents, or 1.3 percent, to $81.28 a barrel by 0637 GMT. The contract dropped 3.4 percent on Thursday following sharp falls in equity markets and indications that supply concerns have been overblown.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 80 cents, or 1.1 percent, at $71.77 a barrel, after a 3 percent fall in the previous session. WTI is on track for a 3.5 percent drop this week.
Asian shares found a slightly firmer footing on Friday to set course for their first gains in two weeks, but the rout continued in Shanghai after Wall Street extended its slide into a sixth session. MKTS/GLOB
China’s daily crude oil imports in September hit their highest level since May, customs data showed on Friday.
Shipments into the country last month totalled 37.12 million tonnes, or 9.05 million barrels per day (bpd), up from 9.04 million bpd in August and their third straight monthly rise. U.S. crude inventories USOILC=ECI climbed by 6 million barrels last week, the Energy Information Administration said, more than double analyst expectations of a 2.6 million-barrel increase.
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