Saudi Arabia: “With waiting for signs of recovery in China, oil prices achieved modest gains in today’s trading

Oil prices achieved modest gains in early trading on Friday, but are set to incur losses for the second week in a row, as the market searches for more indications of a strong recovery in fuel demand in China to offset the impact of the looming recession in other major economies.

And by 01:10 GMT, Brent crude futures rose 16 cents, or 0.2 percent, to $ 82.33 a barrel, while West Texas Intermediate crude futures rose 18 cents, or 0.2 percent, to $ 76.06 a barrel.

Since the beginning of the week, Brent crude has fallen 4.8 percent, after losing 1.1 percent in the previous week. West Texas Intermediate crude fell 4.5 percent, after falling 2 percent in the previous week.