Oil extends gains on robust US demand, China optimism as Covid cases dip
SINGAPORE (Reuters) – Oil prices extended gains on Thursday, underpinned by robust demand in the world’s top consumer United States while demand is expected to rebound in China as COVID-19 curbs across major cities are relaxed.
Brent crude futures for August rose 50 cents, or 0.4%, to $124.08 a barrel by 0153 GMT, while U.S. West Texas Intermediate crude for July was at $122.49 a barrel, up 38 cents, or 0.3%.
Both benchmarks closed Wednesday at their highest since March 8, matching levels seen in 2008.
The United States posted a record fall in strategic crude reserves even as commercial stocks rose last week, data from the Energy Information Administration (EIA) showed on Wednesday.
