Oil climbs on hopes for demand recovery, India’s virus surge caps gains
Oil prices climbed on Friday, buoyed by hopes demand will recover as economic growth picks up and lockdowns ease, but worries about India’s surging second wave of Covid-19 cases limited gains.
Brent crude futures rose 42 cents, or 0.6 per cent, to $65.82 a barrel at 12:15 IST, after rising 8 cents on Thursday.
US West Texas Intermediate (WTI) crude futures jumped 51 cents, or 0.8 per cent, to $61.94 a barrel, also after an 8 cent rise on Thursday.
“Oil prices rebounded for a second day as a lower-than-expected US jobless claims data buoyed the energy demand outlook in North America,” said Margaret Yang, a strategist at Singapore-based DailyFX.
