© Reuters. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo
By Yuka Obayashi and Andrew Hayley
TOKYO/BEIJING (Reuters) -Oil prices drifted lower on Friday after rallying the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China and ample supply forecasts.
futures fell 23 cents, or 0.3%, to $78.87 a barrel by 0420 GMT, and U.S. West Texas Intermediate crude futures (WTI) slid 7 cents to $74.01.
Both benchmarks, which gained about 2% on Thursday as the International Energy Agency (IEA) joined producer group OPEC in forecasting strong growth in global oil demand, are on track to end the week around 1-2% higher.
On Thursday, the IEA again raised its 2024 global oil demand growth forecast, though its projection remains…
