Both benchmarks were down nearly 8 percent for the week - the largest weekly slide for Brent since January and the biggest weekly drop for WTI since February. Brent crude futures ended the session up 36 cents, or 0.8 percent, at $46.76 per barrel, after trading between $47.23 and $46.15. Crude futures remain some 75 percent above 12-year lows of $27 for Brent and $26 for WTI hit in the first quarter. NEW YORK: Crude prices inched up in choppy trading on Friday but Brent notched its largest weekly drop in nearly six months, as strong U.S. jobs data and bargain hunting by investors pitted against seasonally weak consumption of oil. [EIA/S]"While we are bullish for next year, we continue to be cautious for the rest of this year," Societe Generale oil analyst Michael Wittner said.

Source: The Star July 08, 2016 19:30 UTC