Crude oil heads for 2% weekly gain on tight US supply, China demand
Oil prices edged higher on Friday, and were headed for a gain of 2% for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday.
Front-month Brent November futures were up 42 cents, or 0.44%, to $95.80 per barrel at 0943 GMT, ahead of the contract’s expiry later in the day. The more-liquid Brent December contract was up 33 cents, or 0.35%, at $93.43 per barrel.
U.S. West Texas Intermediate crude (WTI) gained 51 cents, or 0.56%, to $92.22 per barrel.
Brent futures touched their highest since November 2022 on Thursday, hitting an intra-day peak of $97.69 a barrel. Meanwhile, WTI hit its highest intra-day price since August last year at $95.03 a barrel.
