Brent, WTI both up more than 3 this week
EU slaps new sanctions on Russia, US also weighs more
China stimulus expected to support demand
IEA forecasts a supply surplus in 2025

SINGAPORE, Dec 13 Reuters Oil prices nudged upwards on Friday, heading for their first weekly rise since the end of November, as additional sanctions on Iran and Russia ratcheted up supply worries, while a surplus outlook weighed on markets.

Brent crude futures edged up 5 cents to 73.46 a barrel by 0716 GMT, while U.S. West Texas Intermediate crude was up 8 cents at 70.1 a barrel.

Both contracts are on track for a weekly gain of more than 3 as concerns about supply disruption from tighter sanctions on Russia and Iran, and hopes that Chinese stimulus measures could lift demand in the world39;s No. 2 oil consumer support prices.

Recent stabilisations came after oil defended a key technical level of 71, said Yeap Jun Rong, market strategist at IG.

But there has not been much conviction to prompt a stronger price recovery just yet, he added.

Chinese data this week showed crude imports grew annually for the first time in seven months in November, driven by lower prices and stockpiling.

We have seen a bit of a recovery in refinery margins since the September lows, but don39;t think it39;s anything to justify the November crude import volumes, said Warren Patterson, ING39;s head of commodities research.

Crude imports by the world39;s largest importer are set to stay elevated into early 2025…