Oil extends gain as slump in stockpiles shows robust US demand

Oil climbed above $73 a barrel, paring a weekly loss, after data showing a slump in US stockpiles and record fuel demand highlighted the recovery in consumption that’s underpinned this year’s crude rally.

West Texas Intermediate was 0.6% higher in Asian trading following a 1% rise on Thursday. US crude and gasoline supplies tumbled last week, while a gauge of fuel demand surged to 10 million barrels a day in the week leading up to the July 4th holiday, according to the Energy Information Administration.

Still, the US benchmark remains on course for the first weekly decline since mid-May.