Oil rises above $67 in fifth day of gains on demand hopes
SINGAPORE (Reuters) - Oil rose above $67 a barrel on Friday, gaining for a fifth session, 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.
"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 26 cents, or 0.4%, to $67.20 a barrel by 0950 GMT, heading for a weekly gain of about 7%. U.S. West Texas Intermediate (WTI) crude added 16 cents, or 0.3%, to $63.62.
Helping the rally this week, the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) both made upward revisions to oil demand growth forecasts for 2021.
Figures on Wednesday also showed U.S. crude inventories fell by 5.9 million barrels.
Oil has recovered from pandemic-induced lows last year, helped by record cuts to oil output by OPEC and its allies, a group known as OPEC+.
Some of the OPEC+ cuts will be eased from May, with the group meeting on April 28 to consider further tweaks to the supply pact.