Oil Faces Demand Risk Despite Supply Outages

U.S. West Texas Intermediate crude oil futures are trading higher on Friday, clawing back some of this week’s losses in the process. The catalysts behind the early strength are growing concerns over supply tightness in the United States in the wake of the damage from Hurricane Ida and as the possibility of improving U.S.-China trade relations bolstered demand for riskier assets. China to Release Oil from its Strategic Reserve Worries over tight supply balances and the Gulf’s offshore oil production are offsetting bearish news from China…