Oil Heads for 2 Percent Weekly Gain on Tight US Supply, China Demand

Oil Heads for 2 Percent Weekly Gain on Tight US Supply, China Demand
An employee rides a bicycle next to oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia, on Oct. 12, 2019. Maxim Shemetov/Reuters
Reuters
Updated:
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LONDON—Oil prices edged higher on Friday, and were headed for a gain of 2 percent for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday.

Front-month Brent November futures were up 42 cents, or 0.44 percent, to $95.80 per barrel at 0943 GMT, ahead of the contract’s expiry later in the day. The more-liquid Brent December contract was up 33 cents, or 0.35 percent, at $93.43 per barrel.