Brent crude futures rose 1.09%, or 71 cents, to settle at $66.11 per barrel. U.S. West Texas Intermediate (WTI) crude futures settled 1.16%, or 71 cents, higher at $62.14 per barrel.
U.S. refiner Valero said gasoline and diesel demand were back to 93% and 100% of the levels they were at before the pandemic, with chief commercial officer Gary Simmons saying the company is “pretty bullish on gasoline going forward”.
Improving conditions in Europe also buoyed sentiment. France said schools would reopen on Monday and domestic travel curbs in place since early April restricting people to within 10 km (6 miles) of their homes would end on May 3.
Nevertheless, both benchmark crude contracts are headed for a weekly loss of nearly 2% on concerns about sliding fuel demand in India, the world’s third largest oil importer, where daily infections and deaths from COVID-19 hit new records this week.
Several countries, including Australia, Britain, Canada, and the United Arab Emirates, have barred or cut flights from India.
Reference: CNBC
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