Oil set to snap two-week losing streak on China demand optimism – Reuters

Oil set to snap two-week losing streak on China demand optimism – Reuters

June 16 (Reuters) - Oil prices were set to snap a two-week losing streak despite trading marginally lower early on Friday, amid optimism about higher energy demand from top crude importer China and a weaker dollar.

Brent futures dipped 17 cents, or 0.2%, to $75.50 a barrel by 0341 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 16 cents, also 0.2%, to $70.46 a barrel. Both benchmarks surged about 3% during the prior session.

Data on Thursday showed China's oil refinery throughput rose 15.4% in May from a year earlier, hitting its second-highest total on record. Chinese demand for oil is expected to keep climbing at an assured rate during the second half of the year, Kuwait Petroleum Corp's CEO said.