LONDON: Oil prices touched a one and a half month high on Friday amid signs demand for crude was picking up, with China reporting increased refinery runs and rounding out a week of bullish news on the supply front.
West Texas Intermediate (WTI) oil was up 65 cents, or 2.36 per cent, at $28.21 a barrel at 0938 GMT, after reaching $28.75, its highest level since early April. WTI jumped 9 per cent in the previous session.
Brent crude was up 81 cents, or 2.6 per cent at $31.94 a barrel, after touching $32.50 the highest level since April 13. Brent rose nearly 7 per cent on Thursday.
Both contracts are on track for a third consecutive week of gains.
