Oil inches up, on course for first weekly gain in three

Oil prices edged higher on Friday, heading for their first weekly gain since late November, as additional sanctions on Iran and Russia fueled supply concerns, while a surplus outlook on markets Weighed. Brent crude futures rose 5 cents to $73.46 a barrel. By 0716 GMT, U.S. West Texas Intermediate crude was up 8 cents at $70.1 a barrel.. Both contracts are on track for a weekly gain of more than 3% on fears of supply disruptions from tougher sanctions on Russia and Iran, and hopes that Chinese stimulus measures will boost demand for the world’s No. 2 oil consumer at subsidized prices. can .The recent consolidation came as oil defended a key technical level of $71, said Yeap Jun Rong, market strategist at IG..” he added. Chinese data this week showed crude imports rose annually for the first time in seven months in November, driven by lower prices and stockpiling.” We’ve seen a slight recovery in refinery margins since September’s low, but don’t think it’s anything to justify November’s crude import volumes,” said Warren Patterson, head of commodities at ING. Research to the world’s largest importerCrude imports from are set to remain high until early 2025 as refiners opt to offload more supplies from top exporter Saudi Arabia due to low prices, while independent refiners rush to use up their quota. The Energy Agency last month raised its forecast for global oil demand growth to 1.1 million barrels per day (bpd) in 2025. was 990,000 bpd, thanks to China’s recent stimulus measures, it said in its monthly oil market report. Forecast a surplus for next year, when non-OPEC+ countries are poised to increase supply by about 1.5%. million barrels per day (bpd), driven by Argentina, Brazil, Canada, Guyana and the United States.