Tokyo — Crude prices rose on Friday but were set to drop for the week as the concern about oversupply and lower demand due to a possible economic slowdown caused by the trade conflict between the US and China, the world’s two biggest oil users.Brent oil rose 7c to $72.65 a barrel by 3.54am GMT, after rising to $73.04 earlier in the day.US West Texas Intermediate (WTI) was up 14c at $69.60 a barrel, after reaching a high of $70.03 earlier.However, both benchmarks are on track for their third weekly loss, after big declines on Monday, with Brent set to drop 3.6% and WTI to fall by 2%. Prices have been dragged down by concerns about oversupply as some production returned after outages, while trade tension between the US and China stoked fears of damage to their economies and commodities demand.Saudi Arabia had moved on Thursday to allay fears of oversupply, which had supported prices.But concerns about US and China were coming to fore again as China’s currency falls, said Stephen Innes...
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