US crude slipped 57¢ to stand at $93.39 this morning, but is heading for a 7% weekly rise, its biggest weekly gain since February 2011, spurred by a 2.5% rise in the US economy during the third quarter.

Meanwhile, Brent crude fell by 51¢ to $111.57 a barrel today after rising 3% in the previous session, but optimism surrounding Europe’s rescue initiatives led to a weekly gain of almost 2%.

US President Barack Obama said the recent eurozone debt pact calmed global markets and he urged other countries to follow the practice, reports Reuters.