Oil edges higher despite surplus warnings

Crude prices rose in early Asian trade on Friday even as rising supplies and softening demand revived concerns over an emerging market surplus.

Brent crude futures gained 0.8% to trade at $99.06 a barrel, while U.S. West Texas Intermediate rose 0.7% to $91.17 a barrel.

JPMorgan estimates global supply exceeded demand by 1.1 million barrels per day in September and 1.4 million bpd in October, while Goldman Sachs noted that global inventories stopped draining over the two-month stretch. Meanwhile, Persian Gulf crude and condensate exports climbed to an average 14 million bpd in October, recovering to roughly 86% of pre-war levels.