Oil prices nudged higher on Friday on signs of surging demand in China, the world’s second-biggest oil user.
Although prices are set to fall for a second week amid concerns of the ongoing Sino-U.S. trade war is limiting overall economic activity.
Brent crude oil futures were trading at $79.51 per barrel at 0521 GMT, up 22 cents, or 0.3 per cent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3 per cent, at $68.84 a barrel.
For the week, Brent crude was 1.1 per cent lower while WTI futures were down 3.5 per cent, putting both on track for a second consecutive weekly decline.
Refinery throughput in China, the world’s second-largest oil importer, rose to a record high of 12.49 million barrels per day (bpd) in September as some independent plants restarted operations after prolonged shutdowns over summer to shore up inventories,…
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