© Reuters. An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Picture taken on November 12, 2021. Mandatory credit Kyodo/via REUTERS ATTENTION EDITORS – THIS IMAGE WAS PROVIDE
By Stephanie Kelly
(Reuters) – Oil prices rose in early trade on Friday but were on track to fall 6% for the week, hovering near six-month lows, with investors fretting about weak energy demand in Asia combined with high production.
futures rose 68 cents, or 0.9%, to $74.73 a barrel by 0136 GMT, while U.S. West Texas Intermediate crude futures gained 64 cents, also up 0.9%, to $69.98 a barrel.
Both benchmarks slid to their lowest since late June in the previous session. In a signal that traders believe the market may have become oversupplied, Brent and WTI are also in contango, a market structure in which front-month prices trade at a discount to prices a half year later.
Concerns about China’s economy have fueled the oil market’s downturn this week.
Chinese customs data showed that crude oil imports in November fell 9% from a year earlier as high inventory levels, weak economic indicators and slowing…
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