Oil heads for seventh weekly loss with supply surplus, weak Chinese 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 per cent, at $75.98 a barrel at 0913 GMT, while U.S. West Texas Intermediate crude futures were up $1.82, or 2.6 per cent, to $71.16 a barrel. Brent had earlier risen by $2. Both benchmarks slid to their lowest since late June in the previous session, a sign that many traders…