SINGAPORE, Nov 25 Reuters Oil prices rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.
Brent crude futures rose by 41 cents, or 0.48, to trade at 85.75 a barrel at 0730 GMT.
U.S. West Texas Intermediate WTI crude futures went up by 57 cents, or 0.73, from Wednesday39;s close to 78.51 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.
Both contracts were still headed for their third consecutive weekly decline, on track to fall by around 2 or more with worries about tight supply easing.
Thin liquidity, concerns around China demand and the backdrop of assessing how severe the recession could be are the key price drivers so far, said Virendra Chauhan, head APAC analyst at Energy Aspects.
There are growing signs that a surge in COVID19 cases in China, the world39;s top oil importer, is starting to hit fuel demand, with traffic drifting down and implied oil demand around 13 million barrels per day, or 1 million bpd lower than average, an ANZ note showed.
China on Friday reported a new daily record for COVID19 infections, as cities across the country continued enforce mobility measures and other curbs to control outbreaks.
The resurgence in COVID cases in China remains the main bearish factor impacting oil prices from a demand perspective, said Tina Teng, markets analyst at CMC.
On the Russian oil price cap, G7 and European…