China’s demand for oil has led to prices rising on Friday after suffering a two-week cost spiral.
Oil prices rose 1 percent on Friday on signs of surging demand in China, the world’s No. 2 oil consumer, although prices were headed for a second weekly decline on swelling U.S. inventories and concern that trade wars were curbing economic activity.
Brent crude futures rose 94 cents to $80.23 a barrel, a 1.2 percent gain, by 1:14 p.m. EDT (1714 GMT). West Texas Intermediate (WTI) crude futures rose 72 cents to $69.37 a barrel, a 1.1 percent gain.
For the week, Brent crude was 0.3 percent lower. WTI was down 2.8 percent and around $7 a barrel below four-year highs reached in early October.
Although rising oil prices has long been viewed in a negative fashion the current economic climate has led some experts to now view it as a good thing.