Oil futures edged higher on Friday but were on track for a large weekly loss on ...
SINGAPORE - Oil futures edged higher on Friday but were on track for a large weekly loss on fears that slower global economic growth will hurt fuel demand, while Saudi Arabia said it has fully restored oil output after recent attacks.
Brent crude oil futures LCOc1 rose 8 cents, or 0.1%, to $57.79 a barrel by 0138 GMT, while U.S. West Texas Intermediate crude CLc1 futures rose 12 cents, or 0.2%, to $52.57 a barrel. Weak U.S. services sector and jobs growth data on Thursday added to worries about global oil demand and exacerbated fears that a protracted U.S.-China trade war could push the global economy into a recession.
Saudi Arabia’s energy minister Prince Abdulaziz bin Salman also said on Thursday the world’s top crude oil exporter has fully restored oil output after attacks on its facilities last month that knocked out more than 5% of global oil supply.
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