Oil edges higher as recovery support countered by Asia virus surge | Reuters

Oil edges higher as recovery support countered by Asia virus surge | Reuters

Oil settled higher on Friday, supported by bullish economic data from U.S. and Europe, though a rise in coronavirus cases in India was still pressuring prices.

Brent crude settled up 43 cents, 0.7%, to $65.83 a barrel. U.S. West Texas Intermediate (WTI) U.S. crude gained 63 cents, or 1.1%, to $66.11 a barrel.

For the week, both benchmark crudes fell about 1% due to the resurgence of infections in India and Japan, the world's third and fourth largest oil importers.

"This price consolidation follows a strong four-month price advance that was largely predicated on U.S. vaccine progress that forced some upward revisions in global demand ideas across this year," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.