Oil pares weekly loss as investors face mixed signals on demand

Oil rose as investors assessed a patchwork recovery in energy demand, with signs of a rebound from the pandemic in some countries such as the U.S. mixed with setbacks in parts of Asia where the virus is still rampant.

West Texas Intermediate gained 0.5% on Friday but remains on course for a weekly drop of around 2%, extending April’s pattern of alternating between weekly gains and losses as investors respond to the complex mosaic of signals. Among the latest were evidence of rising U.S. and U.K. gasoline demand, but also a virus wave in India that’s set a global record for daily infections.