Oil heads for 7th weekly loss with supply surplus, weak China demand

Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand, although prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts. Brent crude futures were up $1.93, or 2.6%, at $75.98 a barrel at 0913 GMT, while US West Texas Intermediate crude futures were up $1.82, or 2.6%, to $71.16 a barrel. Brent had earlier risen by $2.

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