Oil edges up to fresh 4-week highs as demand outlook improves | Reuters

Oil edges up to fresh 4-week highs as demand outlook improves | Reuters

Oil prices edged up to fresh four-week highs on Thursday on positive U.S. economic data and higher demand forecasts from the International Energy Agency (IEA) and OPEC as countries start to recover from the COVID-19 pandemic.

After rising almost 5% on Wednesday, Brent futures rose 36 cents, or 0.5%, on Thursday to settle at $66.94 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 31 cents, or 0.5%, to settle at $63.46.

That was the highest closes for both benchmarks since March 17 for a second day in a row and put both contracts up for a fourth straight day for the first time since February.

"Oil is beginning to reconnect with strong equities with further assistance from a weakening dollar," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.