Oil prices jumped more than 3 per cent on Friday, touching more than one-month highs amid signs that demand for crude was picking up with China reporting increased refinery runs, and rounding out a week of bullish news on the supply front.
Brent crude was up $1.21 cents, or 3.9 per cent at $32.34 a barrel by 0707 GMT, after touching $32.44 the highest since April 14. Brent rose nearly 7 per cent on Thursday and is heading for a 3 per cent gain for the week after rising in the previous two weeks.
West Texas Intermediate (WTI) oil was up 92 cents, or 3.3 per cent, at $28.48 a barrel after reaching $28.54, the highest since early April. WTI jumped 9 per cent in the previous session and is also heading for a third weekly increase, up about 15 per cent.
