Oil Set for Weekly Loss With Market Facing Patchy Demand Rebound - Bloomberg

Oil Set for Weekly Loss With Market Facing Patchy Demand Rebound - Bloomberg

• WTI for June delivery rose 47 cents to $61.90 a barrel as of 12:34 p.m. in New York
• Brent for the same month gained 49 cents to $65.89 a barrel

Oil headed for a weekly decline with spreading coronavirus cases in countries such as India tempering optimism around positive economic data in the U.S. and Europe.

Futures in New York pared gains on Friday after briefly surging as much as 1.6% in a choppy trading session. U.S. benchmark crude is headed for a roughly 2% weekly decline, as progress toward a global economic reopening comes in fits and starts.

While the outlook is firming up in the U.S. and the latest manufacturing figures out of Europe have stoked optimism, India has been setting record numbers of daily coronavirus cases. The country’s diesel and gasoline consumption could fall by a fifth this month, and traders said the nation’s largest refiner had refrained from buying West African oil this week, defying expectations.