Oil heads for third week of gains

LONDON: Oil prices declined on Friday to $77 a barrel, holding near a three-year high as they headed for a third straight week of gains, supported by global output disruptions and inventory draws. The rally was slightly dampened by China’s first public sale of state crude reserves. Brent crude was down 27 cents, or 0.35 per cent, at $76.98 a barrel by 1312 GMT, after earlier rising as high as $77.74, its highest since July 6, and close to its highest since October 2018. US oil was down 40 cents, or 0.55 per cent, at $73.15 a barrel, having closed 1.5 per cent in the previous session, the highest since the start of August.