Oil prices rise as signs of higher demand outweigh worries of excess

Oil prices edged higher on Friday and were on track for solid weekly gains following positive demand signals, production issues in Nigeria and a reported decline in stocks.

Brent crude futures, the international benchmark for oil prices, were up 52 cents, or 1.1 percent, at $48.94 per barrel at 8:23 a.m. (1223 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 1.2 percent, $46.64.

Both benchmarks are on pace for a roughly 5 percent gain on the week…


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