Oil Heads for 7th Weekly Loss With Supply Surplus, Weak China Demand

Oil pours out of a spout from the original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pa., on Oct. 5, 2017. Brendan McDermid/Reuters

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 OPEC+ members to join output cuts.

Brent crude futures were up $1.93, or 2.6 percent, at $75.98 a barrel at 0913 GMT, while U.S. West Texas Intermediate crude futures were up $1.82, or 2.6 percent, to $71.16 a barrel. Brent had earlier risen by $2.