Oil holds gains near $66 with signs fuel consumption expanding

Oil held gains near $66 a barrel in early Asian trading amid signs a recovery in fuel consumption is accelerating and after the U.S. enacted a massive pandemic relief program that lifted markets in general.

Futures in New York were steady after advancing 2.5% on Thursday, the most in almost a week. Vehicle miles driven on American highways increased 10% last week from the previous seven days, while U.K. road use has also been rising. The passing of the $1.9 trillion stimulus deal will see aid flowing to millions of individuals, businesses and local governments as early as this weekend.

The Organization of Petroleum Exporting Countries, meanwhile, sounded a note of caution in the demand outlook on Thursday, trimming its estimates for the amount of crude it will need to pump over the next two quarters.