Oil rebounds above $50 after steepest weekly decline

Singapore: Oil rebounded above $50 a barrel after falling to its lowest level in more than three years early on Friday.

Still, its more than 11 per cent fall this week took oil close to a $100 drop from its July record high and set it on course for the steepest weekly decline since the week of October 6.

US light crude for January delivery rose $1.08 to $50.50 a barrel, its first increase after five straight sessions of losses. Earlier it fell to $48.25, the lowest in more than three years.

London Brent crude gained 1.14 cents to $49.22 a barrel.