• Oil headed for a weekly decline as rising US inventories and the prospect of further tightening by the Federal Reserve eclipsed the lift from more signs that Chinese energy demand is improving.
• West Texas Intermediate fell below $78 a barrel in Asia, dropping for a fourth day in the longest run of losses this year. The US crude benchmark has declined by more than 2% this week, and is lower year-to-date.
• Data this week showed another build in US inventories, which swelled to the most since 2021. Traders are factoring in the prospect of far tighter monetary policy as the US central bank seeks to drive down inflation.