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Oil climbs to $109, still heads for weekly loss

20 September 2013, 17:30

London - Oil edged up to 109 dollars a barrel on Friday, supported by the Federal Reserve's decision this week to leave its stimulus programme unchanged.

Global benchmark Brent crude was still heading for the biggest weekly decline in three months on the return of some Libyan output and a reduced prospect of military action against Syria.

The decline is also as a result of signals from Iran that it is looking for a thaw in relations with the West.

Brent crude for November was up 44 cents to 109.20 dollars by 0846 GMT.

The benchmark has fallen about 3.3 per cent this week and is on track for its steepest weekly decline since mid-June.
 U.S. crude for October dropped 20 cents to 106.19 dollars.

"The big driver of oil markets in the last day or two has been news that Libya has restored some production capacity.”

"Also, the immediate Syrian risk has been unwound," said Ric Spooner, chief market analyst at CMC Markets in Sydney.

-    Reuters/NAN

Tags england oil

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