Oil dips, but posts a gain for the week amid demand recovery
Oil held near $67 a barrel on Friday and was heading for a weekly gain 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.
China’s first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. On Thursday figures showed a rise in U.S. retail sales and a drop in unemployment claims.
Brent crude settled 0.24% lower at $66.77 per barrel. It was heading for a weekly gain of 6.2% after rising in the past four sessions. U.S. West Texas Intermediate (WTI) crude slid 0.52% to settle at $63.13 per barrel.
New U.S. sanctions imposed on Russia, one of the world’s top oil producers, over alleged election interference and hacking could also support prices.
Helping the rally this week, the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) both made upward revisions to oil demand growth forecasts for 2021.
Demand hopes offset concern about rising coronavirus cases in other big economies. India’s infection rate hit a record high while Germany’s chancellor on Friday said a third wave of the virus had the country in its grip.
Reference: CNBC
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