Mubasher: Oil prices rose by the end of Friday trade, recording weekly gains of more than 4%, on the back of the rise in Chinese crude imports.
Nymex futures for November delivery went up by 1.7%, reaching the level of $51.45 per barrel, increasing by a total of 4.4% compared to last week.
Meanwhile, Brent crude increased by 1.6% up to $57.15 per barrel, by 7:30 PM (GMT).
The data of China Customs showed a rise in Chinese crude oil imports to 9 million barrels per day in September, recording an average of 8.5 million to 9 million barrels per day in the first nine months of the year.
Oil gains were reduced on the back of the threat by the US president Donald Trump not to sign the renewal of the Iran Nuclear Deal, if the Congress did not reach a new deal.
Baker Hughes reported a decrease in US oil rigs by 5, reaching a total of 743 oil rigs.
The data of the US Energy Information Administration (EIA) showed a decline in American oil stocks by 2.8 million barrels last week, while gasoline inventories rose during the same period by 2.5 million barrels.
