Oil Rises As Inventory Drawdown
Oil rose for a second day as a decline in U.S. inventories offset more signs of economic weakness in China, the biggest importer.
West Texas Intermediate traded above $74 a barrel, after ending 0.8% higher on Thursday, while Brent settled near $77. Crude inventories at the Cushing, Oklahoma, hub fell to their lowest since 2014, while consumer inflation in China fell further to near zero.
Oil headed for a third weekly gain, supported by cold weather that is expected to boost demand for heating fuel. President-elect Donald Trump’s return to the White House also raises risks to Iranian supplies and stokes concerns about a potential trade war. (AL)
Source: Bloomberg