Oil Perks Up After Sharp Week-Long Selloff on Supply, Demand Concerns

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang Province, China, on May 16, 2017. Stringer/Reuters

LONDON—Oil prices edged higher on Friday, a day after sinking 5 percent to a four month-low on growing worries about burgeoning non-OPEC supply and cooling demand.

Brent futures rose 80 cents, or about 1 percent, to $78.22 a barrel at 1057 GMT. U.S. West Texas Intermediate crude (WTI) was at $73.66, up 76 cents, also roughly 1 percent.