SINGAPORE: Brent crude climbed toward $100 a barrel on Friday, stretching its gains into a second straight session after a steep 6-day fall, although worries about higher crude output in the United States and lower global demand kept a lid on prices.
Brent crude rose 41 cents to $99.54 a barrel by 0441 GMT, extending Thursday's 1.47 percent gain. US crude was up 36 cents to $88.09, after settling up 1.21 percent.
But front-month oil prices were set to fall more than 3 percent for the week, their third straight weekly drop, pummelled by a cut in oil demand forecasts by global energy agencies and a slew of weak economic data from the United States and China, the world's two largest oil consumers.
"We have seen a big decline in prices since early this month so I'm not surprised if markets come back by $2," said Ken Hasegawa, a commodity sales manager at Newedge Japan.
"It is still possible for oil to fall further from oversupply," he said, adding that Brent could hit as low as $90 in the next couple of months.
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