Oil Prices Rise, but Chinese Demand Worries Linger

[Epoch-Times-Bot]

Oil Prices Rise, but Chinese Demand Worries Linger

LONDON—Oil prices rose on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.
Brent crude futures were up $1.29, or 1.5 percent, to trade at $86.63 a barrel at 1024 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up $1.56, or 2 percent, at $79.50 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday and trading volumes remained low.
Both contracts were still headed for their third consecutive weekly decline after hitting 10-month lows this week.
Brent’s market structure implies current demand is soft, with backwardation, defined by front-month prices trading above contracts for later delivery, having weakened in recent sessions....

Source: Oil Prices Rise, but Chinese Demand Worries Linger

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