Oil prices jump but post weekly losses

New York, Nov 18 : Oil prices rebounded on Friday, but posted weekly losses amid concerns about oversupply, a media report said.

Oil prices have slipped from the two-year highs earlier this week as the market worried that rising US crude oil inventories could potentially undermine the Organization of the Petroleum Exporting Countries (OPEC)' efforts to tighten the market., Xinhua news agency reported.

Meanwhile, a weak dollar also fueled the oil rally on Friday. The dollar index, which measures the greenback against six major peers, was down 0.28 per cent at 93.671 in late trading.

On the economic front, the number of rigs operating in the US oil fields was unchanged at 738 rigs this week, oilfield service firm Baker Hughes said in its weekly report on Friday.

The West Texas Intermediate for December delivery was up 1.41 USD to settle at 56.55 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery rose 1.36 dollars to close at 62.72 dollars a barrel on the London ICE Futures Exchange.