Crude oil edges higher on US, Europe demand hopes
MELBOURNE: Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India’s raging second wave of COVID-19 cases kept a lid on gains.
Brent crude futures rose 21 cents, or 0.3%, to $65.61 a barrel at 0137 GMT, after climbing 8 cents on Thursday.
U.S. West Texas Intermediate (WTI) crude futures jumped 29 cents, or 0.5%, to $61.72 a barrel, also after an 8 cent gain on Thursday.
“The market shrugged off last week’s (U.S. oil) inventory build, instead comforted by the continued improvement in gasoline demand,” ANZ analysts said in a note.
