SULAIMANI (ESTA) — Oil rose above $67 a barrel on Friday, gaining for a fifth session, as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies.
Brent crude rose 28 cents to $67.22 a barrel at 0956 GMT, heading for a weekly gain of about 7%. U.S. West Texas Intermediate (WTI) crude added 21 cents to $63.67.
China’s gross domestic product jumped 18.3% in the first quarter from a year earlier, official data showed on Friday.
On Thursday, figures showed a rise in U.S. retail sales and a drop in unemployment claims.
“Given the improving outlook for the world’s two biggest economies, there is little chance of the market’s feel-good glow being extinguished any time soon,” said Stephen Brennock of oil broker PVM.
Helping prices rally this week, reports from the International Energy Agency and the Organization of the Petroleum Exporting Countries both made upward revisions to oil demand growth forecasts for 2021.
Oil has recovered from record lows hit last year as demand collapsed due to the pandemic. It has been helped by record cuts to oil output by OPEC+ producers.
OPEC+ agreed on April 1 to ease its oil output cuts from May to July and will meet to consider further tweaks on April 28.
(Esta Media Network/Reuters)
