Oil prices bounce on Nigeria attacks, but decline still in the offing

Crude prices bounced back on Friday from two-month lows hit in the previous session, but benchmark Brent was in line for its largest weekly decline since January as bearish economic indicators weighed on oil, Reuters reports.

Prices regained ground on Friday as Nigerian militants launched fresh attacks on oil installations in the country’s oil-rich Delta region. Brent crude futures were trading at $46.88 per barrel at 1202 GMT, up 48 cents from their previous settlement. U.S. crude was up 46 cents at $45.60 a barrel.

Still, Brent and U.S. crude were heading for weekly losses of roughly 7 percent, their deepest declines since January and February respectively. The outlook still appears volatile as tanks are filled with oil products while economic worries have created concern over demand growth.