Oil nudges down but secures weekly gain on recovery hopes
NEW YORK: Oil settled modestly lower on Friday but secured a weekly gain on a stronger demand outlook and signs of economic recovery in China and the United States that offset concerns about rising COVID-19 infections in other major economies.
Brent crude settled down 17 cents, or 0.3%, at $66.77 a barrel. The global benchmark finished up 6% on the week after rising in the past four sessions.
US West Texas Intermediate (WTI) crude settled down 33 cents, or 0.5%, at $63.13.
China’s first-quarter gross domestic product jumped 18.3% year on year, official data showed. That followed a big increase in US retail sales and a drop in unemployment claims released on Thursday.
