Oil inches higher, but remains on track for weekly loss
Brent rises on signs of surging demand in China, although traders are concerned about effect of trade war on economic activity
Singapore — Oil prices nudged higher on Friday on signs of surging demand in China, the world’s second-biggest oil user, though prices are set to fall for a second week amid concerns the China-US trade war is limiting overall economic activity. Brent crude oil futures were trading at $79.51 a barrel at 5.21am GMT, up 22c, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude futures were up 19c, or 0.3%, at $68.84 a barrel. For the week, Brent crude was 1.1% lower while WTI futures were down 3.5%, putting both on track for a second consecutive weekly decline. Refinery throughput in China, the world’s second-largest oil importer, rose to a record high of 12.49-million barrels a day (bbl/day) in September as some independent plants restarted operations after prolonged shutdowns over summer to shore up inventories, government data showed on Friday. The refinery consumption may rise through the fourth quarter as several state-owned Chinese refiners return to service aft...
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