Oil heads for weekly gains as supply cuts balance demand concerns
Oil edged higher on Friday and was on course for a weekly gain, as higher Chinese demand and OPEC+ supply cuts lifted prices, despite expected weakness in the global economy and the prospect for further interest rate hikes.
Brent crude gained 48 cents to $76.15 a barrel by 1:16 p.m. EDT (1316 GMT). U.S. West Texas Intermediate (WTI) crude rose 59 cents to $71.21.
Brent was on track for a weekly gain of 1.9% and WTI was on course for a 1.6% rise.
Oil has gained this week on hopes of growing Chinese demand. China’s refinery throughput rose in May to its second-highest total on record and Kuwait Petroleum Corp’s CEO expects Chinese demand to keep climbing during the second half.
