London — Oil prices edged higher in volatile trading on Friday as signs of strengthening demand was offset by still-high global stocks and concerns about economic growth. Benchmark Brent and US WTI crude oil contracts were on track for weekly gains, but fluctuated between intraday gains to losses amid conflicting signals on the supply/demand picture. Brent crude futures, the international benchmark for oil, were up 48 cents at $48.90 per barrel at 1.38pm GMT, after trading as much as 64c higher and 27c lower. US West Texas Intermediate (WTI) crude futures were at $46.58 per barrel, up 50c, after trading between 64c higher 28c lower earlier in the day. "It’s been a jumpy Friday in the oil market," said Ole Hansen, head of commodity strategy with Saxo Bank, adding that the volatility was "primarily driven by traders covering what up until recently was an extended short position." Prices spiked earlier in the day following a force majeure declaration on exports of Nigeria’s Bonny Light...
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