London - Agencies:
Oil prices rose by more than two percent in settlement on Friday, after US data supported expectations of demand growth, but the two benchmark crude oil prices fell for the seventh consecutive week in the longest series of weekly declines in half a decade, amid fears of a continued surplus in supplies.
Brent crude futures recorded $75.84 per barrel at settlement, an increase of $1.79, or 2.4 percent, while US West Texas Intermediate crude futures reached $71.23 at settlement, an increase of $1.89, or 2.7 percent.
Over the course of the week, the two benchmarks lost 3.8 percent after recording in Thursday’s session their lowest levels since late June, an indication that many traders believe that the market is witnessing an excess of supplies.
What supported the market decline was Chinese customs data, which showed that its imports of crude oil in November fell by 9 percent compared to last year, as high inventory levels, weak economic indicators, and slowing demand from independent refineries weakened demand.
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