Oil Updates – crude heads for 7th weekly loss as supply surplus, weak China demand weigh on market

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 members of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to join output cuts, according to Reuters.

Brent crude futures rose $1.29, or 1.7 percent, to $75.34 a barrel by 6:59 a.m. Saudi time, while US West Texas Intermediate crude futures gained $1.11, or 1.6 percent, to $70.45 a barrel.

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