Oil prices set for second week of gains on brighter China outlook
Oil prices were set to post a second straight week of gains on Friday, spurred largely by brightening economic prospects for China which should boost its fuel demand.
Brent futures for March delivery gained 30 cents, or 0.35 per cent, to $86.46 a barrel by 0317 GMT, while US crude advanced 49 cents to $80.82 per barrel, a 0.6 per cent gain.
Both closed 1 per cent higher on Thursday, near their highest closing levels since December 1.
Chinese November oil demand climbed to the highest level since February, data from the Joint Organisations Data Initiative showed on Thursday. OPEC said on Tuesday that Chinese oil demand would rebound this year due to relaxation of the country’s Covid-19 curbs and drive global growth.
