Oil prices advanced on Friday and were heading for a second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide.
Brent crude was up 14 cents, or 0.3%, at $45.10 by 0043 GMT, heading for a gain of about 1.6% this week.
West Texas Intermediate had gained 12 cents, or 0.3%, to $42.36. The U.S. benchmark is heading for a gain of nearly 3% this week.
“The situation has improved some, but the market dynamics are still less than stellar,” said Robert Yawger, director of energy futures at Mizuho Securities, adding “the market is oversupplied”.
