Oil rises more than 1% but sets biggest weekly loss of 2019

[NEW YORK] Oil prices climbed more than 1 per cent on Friday ahead of long US and UK holiday weekends, but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy.

US crude was pressured by climbing inventories, which are at their highest nationwide since July 2017 and at the highest since December 2017 at the Cushing, Oklahoma, delivery hub for the US benchmark.Economic worries fed by US-China trade tensions have hit global markets, with the MSCI All Country index headed for a weekly fall exceeding 1 per cent, its third week in the red.

"Despite a rising national gas price average that is inching closer to the US$3 per gallon mark, the vast majority of holiday travellers will drive to their destinations," AAA said last week. But the United States is still projected to reach the 13 million barrels per day milestone in the fourth quarter, according to the US Energy Information Administration .

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