Oil gains on growing fuel demand, even as coronavirus cases surge worldwide
Oil prices rose on Friday, extending gains on optimism about a recovery in fuel demand worldwide, despite a surge in coronavirus infections in some US states and signs of a revival in US crude production.
US West Texas Intermediate (WTI) crude futures gained 57 cents, or 1.5%, to $39.29 at 0431 GMT but were on track for a slight drop for the week.
Brent crude futures rose 64 cents, or 1.6%, to $41.69 and were also heading for a small decline for the week.
Overall, commodities markets were taking a positive view on the global recovery on Friday despite worries about coronavirus flare-ups, said Avtar Sandu, senior manager commodities at Phillip Futures in Singapore.
