Crude Oil Prices: Black gold prices went up but set for sharp weekly loss — Market Talk

WORLD, Oct. 6 – Oil prices are recovering in early trading on Friday, but are on course for a massive weekly loss, after rising gasoline inventories in the U.S. triggered a sell-off for both Brent and WTI, Market Talk claimed.

Brent and WTI are both up 0.2% to $84.20 and $82.49 a barrel respectively, with both also on course to finish the week down roughly 9%. “The recent correction in oil prices has been too rapid and was largely unwarranted in our view,” Barclays says in a note. The U.K. bank says that too much attention had been paid to weekly demand estimates, adding that other U.S. economic data shows the U.S. economy to be strong. It maintains its $92 a barrel estimate for Brent this quarter.