Oil edges higher but on track for big weekly loss

Oil futures edged higher on Friday but were on track for a large weekly loss on fears that slower global economic growth will hurt fuel demand, while Saudi Arabia said it has fully restored oil output after recent attacks.

Brent crude oil futures rose 8 cents, or 0.1 per cent, to $57.79 a barrel by 0138 GMT, while US West Texas Intermediate (WTI) crude futures rose 12 cents, or 0.2 per cent, to $52.57 a barrel. For the week, Brent futures were down 6.7 per cent, marking its largest weekly loss since December, while WTI was down 6 per cent, its biggest decline since July.