Saturday, 20 October 2018

Oil up but posts weekly loss on stock build, trade tensions

Oil prices rose on Friday on signs of surging demand in China, the world's No. 2 oil consumer, although prices were headed for a second weekly decline on swelling U.S. inventories and concern that trade wars were curbing economic activity.

Brent crude futures rose 49 cents to settle at $79.78 a barrel. West Texas Intermediate (WTI) crude futures rose 47 cents to settle at $69.12 a barrel.

For the week, Brent fell 0.9 percent, while U.S. crude lost 3.1 percent. Both contracts have fallen around $7 a barrel below four-year highs reached in early October.

WTI's discount to Brent widened to its most since June 8, hitting $11.00 a barrel.

Refinery throughput in China, the world's largest oil importer, rose in September to a record 12.49 million barrels per day (bpd), government data showed.

The data fed hopes about oil demand in China, even though economic growth slowed in the third quarter to its weakest since the global financial crisis.

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