Oil rises to $67, heads for weekly gain on demand hopes | Reuters

Oil rises to $67, heads for weekly gain on demand hopes | Reuters

Oil rose to $67 a barrel on Friday and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies.

China’s first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. On Thursday figures showed a rise in U.S. retail sales and a drop in unemployment claims.

“Given the improving outlook for the world’s two biggest economies, there is little chance of the market’s feel-good glow being extinguished any time soon,” said Stephen Brennock of oil broker PVM.

Brent crude rose 8 cents, or 0.1%, to $67.02 a barrel by 1145 GMT, on track for a weekly gain of 6.3% after rising for five straight sessions. U.S. West Texas Intermediate (WTI) crude fell 14 cents, or 0.2%, to $63.32.