Oil prices on track for weekly gain amid high U.S. demand | Reuters
Oil rose on Friday and was on track for another weekly gain supported by solid fuel demand in the United States, although fresh COVID-19 alerts in Shanghai and Beijing curbed gains.
Brent crude was up 98 cents, or 0.8%, at $124.05 a barrel at 1153 GMT and U.S. West Texas Intermediate crude rose 82 cents, or 0.7%, to $122.33 a barrel.
With prices overall rallying in the past two months, Brent was on track for a fourth consecutive weekly gain and WTI was set for a seventh straight weekly increase.
"The summer driving season in the U.S. is seeing record surges in gasoline and diesel consumption," analysts at Fitch Solutions said.
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