Crude-oil futures gained on Friday, which can most likely be attributed to a stabilization of weak oil prices. MarketWatch reported that sweet crude futures for delivery in November rose 33 cents, or 0.4 percent, to $92.86 a barrel. They also found that the U.S. benchmark was on pace for a weekly gain of 1.3 percent.
WTI is set for a weekly gain: according to Bloomberg Businessweek, despite WTI futures falling .3 percent earlier in the week, it climbed as much as .8 percent today, and it is looking like it will see weekly gain of .6 percent. The outlook wasn't as good for Brent. MarketWatch found that November Brent crude on London's ICE Futures exchange gained by 14 cents, or 0.1 percent, to $97.14 a barrel, but the European benchmark was slated for a weekly drop of 1.3 percent.
Analysts attributed the stabilization of crude oil's low prices to the rise in Libyan oil production. MarketWatch add that the high oil production in Libya, however, is likely to be offset by increasing production and export of West African crude oil to Asia, where oil refineries have demanded more crude oil ahead of the winter season.
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