Oil claws back some of its losses as supply concerns provide support
Tokyo — Oil has clawed back some of its losses from the previous session, when prices fell the most in a month, as concern about supply counters fear that emerging-market crises and trade disputes could dent demand. Brent crude was up 8c or 0.1% at $78.26 a barrel by 3.38am GMT on Friday, after falling 2% on Thursday. The global benchmark rose on Wednesday to $80.13, its highest since May 22. US West Texas Intermediate (WTI) futures were up 18c or 0.2% at 68.76 a barrel, after dropping 2.5% on Thursday. Brent is heading for a 1.8% gain this week, while WTI is on track for a 1.5% increase. "Prices remain well supported as the market continues to fret about ongoing structural supply issues elsewhere," ANZ Research said in a note. The International Energy Agency on Thursday warned that although the oil market was tightening at the moment, and world oil demand would reach 100-million barrels a day in the next three months, global economic risks were mounting. "As we move into 2019, a po...
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