NEWS UPDATE….
Oil up but set for weekly loss on stock build, trade row
LONDON (Reuters) – Oil prices rose on Friday on signs of surging demand in China, the world’s second-biggest oil consumer, although the market was heading for a second week of losses on concern that trade wars were curbing economic activity and rising U.S. inventories.
Benchmark Brent crude oil (LCOc1) was up 20 cents a barrel at $79.49 by 0740 GMT. U.S. light crude (CLc1) was 15 cents higher at $68.80.
For the week, Brent crude was 1 percent lower while U.S. crude was down 3.5 percent, both on track for a second consecutive weekly decline.
Refinery throughput in China, the world’s largest oil importer, rose to a record high of 12.49 million barrels per day (bpd) in September as some independent plants restarted operations after prolonged shutdowns over the summer to shore up inventories, government data showed on Friday.
China’s refinery consumption may now be rising as several state-owned refiners return to service after maintenance.
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