• Oil headed for a weekly advance as optimism over China’s recovery offset persistent concerns on tighter US monetary policy.
• West Texas Intermediate traded slightly weaker below $78 a barrel but is more than 2% higher this week after a three-day run of gains. China’s rebound since it abandoned Covid Zero has reignited hopes of a banner year for demand in the world’s top oil importer. Data this week pointed to a surge in activity, and Saudi Aramco described Chinese consumption as “very strong”.