Oil prices jump as demand shows signs of picking up

NEW YORK : Oil prices rose on Friday, with U.S. crude jumping more than 7% to its highest since March on signs that demand was picking up, with China reporting increased refinery runs and rounding out a week of bullish news on the supply front.

West Texas Intermediate (WTI) oil was up $2.02, or 7.4%, at $29.58 a barrel at 2:19 p.m. EST (18:19 GMT), after hitting a session peak of $29.92, its highest since mid-March. WTI soared 9% in the previous session.

Brent crude was up $1.45, or 4.6% at $32.58 a barrel. Brent rose nearly 7% on Thursday.