Oil Heads for Weekly Gain on Hopes of Firmer Demand

OIL PRICE - LONDON. Oil steadied on Friday, with global benchmark Brent heading for its first weekly gain in three weeks, as economic indicators from big consumers China and the United States bolstered hopes for higher demand.

China's industrial output rose 6.7% year on year in April as recovery in its manufacturing sector gathered pace, accelerating from 4.5% in March and pointing to possibly stronger demand to come. China also announced major steps to stabilise its crisis-hit property sector.