Oil registers weekly gains of 1.3%
Oil registered weekly gains of 1.3% with most of the gains coming in the initial days of week on optimistic data releases from US and the Fed's statement in which it said they will consider range of actions to help a struggling economy increasing confidence among the energy traders.
Oil rose 1.3 percent to above $50 a barrel on Monday, giving up early gains, as worries over the global economy returned to the fore centring on Citigroup's ability to survive, but hopes OPEC might cut output again as early as this week helped buoy prices.