Oil Updates – crude perks up after sharp week-long selloff on supply, demand concerns

LONDON: Global oil benchmark Brent remained stuck below $80 a barrel on Friday, but recouped some losses a day after sinking 5 percent to a four month-low on growing worries about burgeoning supply and cooling demand, according to Reuters

Brent futures rose $1.34, or about 1.7 percent, to $78.76 a barrel by 4:49 p.m. Saudi time. US West Texas Intermediate crude was at $74.1, up $1.2, also roughly 1.7 percent.

Both benchmarks have lost around a sixth of their value over the last four weeks, and are on track for their fourth straight week of losses.