LONDON, Sept 29 Reuters Oil prices edged higher on Friday, and were headed for a gain of 2 for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday.
Frontmonth Brent November futures were up 42 cents, or 0.44, to 95.80 per barrel at 0943 GMT, ahead of the contract39;s expiry later in the day. The moreliquid Brent December contract was up 33 cents, or 0.35, at 93.43 per barrel.
U.S. West Texas Intermediate crude WTI gained 51 cents, or 0.56, to 92.22 per barrel.
Brent futures touched their highest since November 2022 on Thursday, hitting an intraday peak of 97.69 a barrel. Meanwhile, WTI hit its highest intraday price since August last year at 95.03 a barrel.
A backdrop of tight supplies in the U.S. provided further price support, with storage at Cushing, Oklahoma, the delivery point for U.S. crude futures, already at its lowest since July 2022.
Any additional decline would threaten to bring them down to a critical level, which could make further withdrawals difficult, said Commerzbank analyst Carsten Fritsch.
China39;s fuel demand was set to firm as the weeklong Golden Week holiday began on Friday.
An increase in international travel during the Golden Week holiday is boosting Chinese oil demand, ANZ analysts said in a client note.
Domestic travel is also expected to boost demand, with data from flight app Umetrip showing the average number of daily flights booked is a fifth higher than for Golden…