Oil rises above $67 in fifth day of gains on demand hopes
By Alex Lawler
Reuters
LONDON (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.
China s gross domestic product jumped 18.3% in the first quarter from a year earlier, 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.
Oil nudges down but secures weekly gain on recovery hopes By Alex Lawler
By Laura Sanicola
NEW YORK (Reuters)a -Oil settled modestly lower on Friday but secured a weekly gain on a stronger demand outlook and signs of economic recovery in China and the United States that offset concerns about rising COVID-19 infections in other major economies.
Brent crude settled down 17 cents, or 0.3%, at $66.77 a barrel. The global benchmark finished up 6% on the week after rising in the past four sessions.
U.S. West Texas Intermediate (WTI) crude settled down 33 cents, or 0.5%, at $63.13.
China’s first-quarter gross domestic product jumped 18.3% year on year, official data showed. That followed a big increase in U.S. retail sales and a drop in unemployment claims released on Thursday.
One Natural Gas Rig Added in U.S. as Oil Patch Paces Growth in Domestic Drilling Activity
The U.S. natural gas rig count increased one unit to 94 during the week ended Friday (April 16) as gains in the oil patch paced a week of healthy growth in domestic drilling activity, according to the latest data from Baker Hughes Co. (BKR).
Along with the addition of one gas rig, an increase of seven oil-directed rigs offset the departure of one miscellaneous unit in the United States for the week. That left the combined U.S. rig count at 439 as of Friday, versus 529 rigs in the year-ago period, according to the BKR numbers, which are based partly on data from Enverus.
Oil held near $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.
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