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Oil falls, still eyes weekly gain after prior day’s leap

Oil futures pulled back Friday, yet remained on track for a sizable weekly advance after scoring their biggest one-day gain in more than five years in the prior session.

On the New York Mercantile Exchange, crude futures for October delivery CLV5, +4.28% declined by 28 cents, or 0.7%, to $42.28 a barrel in the Globex electronic session. October Brent crude LCOV5, +3.66% on London’s ICE Futures exchange shed 37 cents, or 0.8%, to $47.19 a barrel. Nymex crude is on pace for a weekly climb of 4.5%, while Brent is up 3.8%.

On Thursday, the prices surged 10.3%, the largest one day percentage gain since March 2009 for Nymex crude. It was the biggest rise since December 2008 for Brent crude.

“In terms of percentage, 10% is indeed a spectacular increase for both WTI and Brent. However, in dollar terms, this increase amounted to only $4,” analyst Daniel Ang at Phillip Futures said.