Oil prices were heading for a weekly gain of around 3% early Friday, buoyed by signs of a recovery in the US economy, tight crude and product markets and hopes of a recovery in Chinese oil demand.

As of Friday morning in Europe, both benchmarks were down about 1% as of 7:45am London time, but both were set for a weekly gain of between 3% and 4%.

In the middle of this week, oil prices rose more than 3% on Wednesday, as data showed that US crude and petroleum exports…

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