Oil set for 2% weekly gain on China holiday demand, tight US supply
-Oil prices were set for a weekly gain of around 2% after regaining ground on Friday as strong holiday demand from China and persistently tight U.S. fundamentals outweighed expectations of possible supply increases from Saudi Arabia.
" increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note. The U.S. economy maintained a fairly solid pace of growth in the second quarter and activity appears to have accelerated this quarter, data showed on Thursday, indicating that strong fuel demand could remain.
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