Oil edges up on rising Chinese demand and strike threats in Nigeria
London — Oil prices edged up on Friday, helped by rising Chinese crude demand and threats of a strike in Africa’s largest oil exporter. However, prices were still on track for their largest weekly loss since early October amid concerns that rising US production would undermine oil cartel Opec-led supply cuts aimed at curbing a glut. By 10.39am GMT, Brent crude was up 39c at $62.59 a barrel, but still heading for a weekly slide of 1.8%. US West Texas Intermediate (WTI) crude was at $56.07 a barrel, up 38c from their last settlement. The contract was on track for a 2.2% loss on the week. China’s crude oil imports rose to 9.01-million barrels per day (bpd), the second highest on record, data from the Chinese General Administration of Customs showed on Friday. Booming demand will push China ahead of the US as the world’s biggest crude importer this year. US investment bank Jefferies forecast 2018 global oil demand growth of 1.5-million bpd, driven by almost 10% demand growth in China. "...
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