Oil heads for 7th weekly loss with supply surplus, weak China demand

LONDON: Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts.

Brent crude futures were up $1.93, or 2.6%, at $75.98 a barrel at 0913 GMT, while US West Texas Intermediate crude futures were up $1.82, or 2.6%, to $71.16 a barrel.

Brent had earlier risen by $2.