Oil set for weekly gain as demand signs, geopolitics seen as positives

SINGAPORE: Oil rose on Friday, set for a weekly gain, as data this week from the U.S. and China, the world's two largest crude users, pointed to higher demand and continuing uncertainty over the Gaza war supported prices.

Falling U.S. crude inventories spurred by higher refinery runs coincided with data released on Thursday showing China's oil imports in April were higher than last year on signs of improving trade activity. Negotiations to halt the fighting between Israel and Hamas have yielded no results, keeping alive concerns of potential Middle East supply disruptions.