Global oil prices headed towards their biggest weekly drop in six months today.
Brent crude, the global benchmark, rose 0.39 per cent to $46.58 per barrel in late afternoon trading. Meanwhile, its US counterpart West Texas Intermediate rose 0.20 per cent to $45.23.
Both benchmarks were down nearly eight per cent for the week — the largest weekly slide for Brent since January.
It came as investors weighed strong US jobs data, which bodes well for the black stuff, against seasonally weak demand.
Oil prices shed five per cent to two-month lows yesterday after US government data showed a smaller than expected decline in US oil stocks.
While the 2.2m barrel drawdown met analysts' expectations, it was much smaller then a 6.7m dip cited by a trade group earlier in the week.