SINGAPORE: Brent crude rose close to $106 on Friday as investors took the opportunity to buy after the price plunged in the previous session to its lowest since early August. Brent futures traded 29 cents higher at $105.78 by 0526 GMT, after rising to as much as $106.50. The contract is down nearly 5 per cent for the week, and is poised for its biggest weekly decline in seven. US crude fell 26 cents to $80.25 a barrel, after rising as high as $81.71. It is down a little more than 7 per cent for the week in its first weekly decline in five. "It is just a short-covering rally that we are seeing today," said Jonathan Barratt, managing director for Commodity Broking Services in Sydney. "Otherwise, the overall direction is weak. Oil has been moving in line with equities." Asian stocks fell after US stocks and commodity markets plunged. The Reuters-Jefferies CRB index , a 19-commodity global benchmark for the asset class, plunged 4.4 per cent on Thursday in the biggest rout since May 5, as investors headed into safer havens such as the dollar and US government bonds. Brent lost $4.87 to settle at $105.49 a barrel in the previous session on concerns demand will fall as weak economic data from China and Europe triggered fears of a recession. US crude was harder hit, settling down $5.41 at $80.51. It was the biggest one-day drop since Aug. 8, with prices touching $79.66 a barrel during intraday activity.

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