Oil Heads for Weekly Gain after Fed Rate Cut

Oil prices edged lower on Friday, but were on track to end higher for a second straight week following a steep interest-rate cut by the US Federal Reserve and declining global stockpiles. Brent futures traded lower 26 cents, or 0.4%, to $73.62 a barrel, but gained 4.3% this week. US WTI crude futures were down 15 cents, or 0.2% at $71.80 a barrel, and registered weekly gains of 4.8%. The benchmarks have been recovering after they fell to near three year-lows on Sept. 10, and have registered gains in five of the seven sessions since then. Source: Qatar News Agency