Oil rises towards $69 but set for 2019's biggest weekly loss - Reuters

Oil rises towards $69 but set for 2019's biggest weekly loss - Reuters:

Oil rose towards $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns about an economic slowdown.

U.S. crude inventories rose to hit the highest since July 2017, suggesting ample supplies in the world’s top consumer. [EIA/S] Meanwhile, worries that the U.S.-China trade is developing into a more entrenched dispute have also hit prices.

“Clearly, bargain hunters are back in town,” Naeem Aslam, chief market analyst at TF Global Markets, said of the bounce. “However, it is still set to record the worst week of the year and this is due to the increase in trade war tensions between the U.S. and China.”

Brent crude, the global benchmark, rose 98 cents to $68.74 a barrel at 1121 GMT but remained on course for a decline of nearly 5% this week. U.S. West Texas Intermediate crude added 75 cents at $58.66.