LONDON (Reuters) – Oil prices extended gains on Thursday after rising 1% in the previous session, as bullish forecasts of recovering demand outweighed concerns about the impact of rising COVID-19 cases in Brazil, India and Japan.
Brent rose 89 cents, or 1.3%, to $68.16 a barrel by 1115 GMT, and U.S. West Texas Intermediate crude was up 83 cents, or 1.3%, at $64.69 a barrel.
This is the third consecutive day that both contracts have climbed.
“The performance of the past few days demonstrates the unbroken faith of the market in healthy economic and demand recovery,” Tamas Varga, analyst at PVM Oil associates said.
