Oil prices fall more than a dollar a barrel but are heading to end the week on gains
LONDON (Reuters) - Oil prices fell nearly 2 percent in trading on Friday, but are heading towards ending the week on gains after a rally in financial markets backed by hopes that the United States and China could soon find a solution to their trade dispute.
Earlier in the session, a drop in crude supply following OPEC-led output cuts helped push prices up to 1 percent for each of the benchmark crude, but concerns about the global economy are holding back crude markets.
Brent crude <LCOc1> fell $ 1.13 to $ 60.55 a barrel by 1440 GMT, while US WTI crude fell $ 1.30 to $ 51.31 a barrel.
The crude cut losses to 1.5 percent later.
Analysts attributed the decline in oil prices today to profit-taking after the gains recorded earlier this week.
The EGX70 index was down 0.17% to close at 676.48 points. The EGX20 index shed 0.85% to close at 13138.71 points. The broader EGX100 index was down 0.32% at 1695.1.
The market recorded trading value of EGP 816.93 million, with 193.21 million shares changing hands, with 22.62 thousand buying and selling transactions. The shares of 170 listed companies were traded, 53 shares advanced and 83 declined, while 34 others , To settle the market capitalization of shares at the level of 746.25 billion pounds, losing about 3 billion pounds during the session.
On the other hand, the net transactions of Egyptians are net buyers, recording EGP 1.07 billion, buying 69.71% of total buy and sell trades. Meanwhile, net buyers and sellers are net sellers, recording EGP497.4 million and EGP 568.9 million respectively, , 16.22% of the trading.
(Prepared by Wagdy Al-Alfi for the Arabic publication)