Oil prices extended gains on Thursday after rising 1 per cent the previous session, as bullish forecasts on recovering demand this summer outweighed concerns about the impact of rising Covid-19 cases in India, Japan and Brazil.
Brent crude for June rose 22 cents, or 0.3 per cent, to $67.49 a barrel by 9.35 am while US West Texas Intermediate crude for June was at $64.04 a barrel, up 18 cents, or 0.3 per cent.
Oil cartel OPEC, together with Russia and their allies, a group known as OPEC+, stuck to their plans for a gradual easing of oil production restrictions from May to July, after OPEC raised slightly its demand growth for 2021 to 6 million barrels per day.
