Commodity Capsule: Brent crude oil decline for 7th session; gold falls, copper advances | Watch video

Commodity Capsule: Oil benchmarks were headed for a seventh straight weekly decline on worries over a global supply surplus and weak Chinese demand.

Prices recovered ground on Friday after Saudi Arabia and Russia called for more OPEC+ members to join output cuts.

Both benchmarks slid to their lowest since late June in the previous session, a sign that many traders believe the market is oversupplied. Brent and WTI are also in contango, a market structure in which front-month prices trade at a discount to prices further out.

Brent and WTI crude futures are on track to fall 4.5 per cent and 4.8 per cent for the week, respectively, their biggest losses in five weeks.

Concerns about China's economy and surging U.S. oil output have also fuelled the market's downturn this week.

Chinese customs data showed its crude oil imports in November fell 9 per cent from a year earlier as high inventory levels, weak economic indicators, and slowing orders from independent refiners weakened demand.

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