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Oil rallies on China import boost, Mideast tensions

Reuters  |  NEW YORK 

By Scott DiSavinoNEW YORK (Reuters) - Oil prices firmed on Friday as bullish news from strong Chinese oil imports and tensions in the Middle East put Brent on track for a nearly 3 percent weekly gain. The developments added to other signs that the market was finally rebalancing after years of excess supply, but analysts warned that the 2018 balance was still shaky. Brent futures were up $1.03, or 1.8 percent, at $57.28 a barrel by 12:12 p.m. EDT (1612 GMT). U.S. crude was up 86 cents, or 1.7 percent, at $51.46 per barrel.Earlier in the day, both contracts hit their highest since the end of ...

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First Published: Fri, October 13 2017. 23:03 IST