Oil prices recovered after a 1% dip in the previous session, on buoyant economic data from China and the United States even as the surging pandemic in India capped prices.
Brent crude futures for July were at $68.47 a barrel by 0338 GMT, up 38 cents, or 0.6%, while U.S. West Texas Intermediate (WTI) crude for June rose 38 cents, or 0.6%, to $65.09.
Both Brent and WTI are on track for a second weekly gain as easing restrictions on movement in the United States and Europe, recovering factory operations and coronavirus vaccinations pave the way for a revival in fuel demand, while pent-up summer travel is likely to give gasoline and jet fuel consumption a further boost.
In China, export growth accelerated in April while the services sector expanded, bucking expectations of a slowdown at the world’s second-largest economy, data released on Friday showed.
However, crude imports at the world’s biggest buyer fell 0.2% in April from a year earlier to 40.36 million tonnes, or 9.82 million barrels per day, the lowest since December.
However, oil demand recovery has been uneven as surging COVID-19 cases in India has reduced fuel consumption at the world’s third-largest oil importer and consumer.
Thai
Eng