Oil prices climb more than 2% on improved forecast for demand recovery
Oil prices climbed more than 2% on Friday after the International Energy Agency (IEA) bumped up its 2020 demand forecast but record-breaking new coronavirus cases in the United States tempered expectations for a fast recovery in fuel consumption.
Prices also found support after data showed US energy firms cut the number of oil and natural gas rigs operating to a record low for a 10th week in a row.
Brent crude settled up 89 cents, or 2%, at $43.24 a barrel and US oil settled up 93 cents, or 2.4%, at $40.55 a barrel.
A strong stock market also boosted oil prices. A slate of economic data, including a record monthly payrolls addition, pointed to a revival in US business activity in June.
