Has stepped up Oil prices fell slightly, today, Friday, to extend their gains for the second session in a row, Supported by strong US economic data and rising hopes for a recovery in demand after the reopening of the Chinese economy.
By 01:13 GMT, Brent crude futures rose 30 cents, or 0.3%, to $87.66 a barrel.
West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $81.22 a barrel, according to Reuters.
The two benchmarks rose by more than 1% yesterday, Thursday, and Brent is heading towards recording a second weekly increase if the gains continue.
The improvement in US GDP and inflation data gives a glimmer of hope that the Federal Reserve (the US central bank) may slow down the pace of raising interest rates, which reduces fear of contraction in economic activity and the consequent demand for oil.
Meanwhile, China’s Center for Disease Control and Prevention said this week that the number of severe “Covid-19” cases in the country decreased 72% from a peak this month, while the number of hospitalized patients fell 79%.
These numbers indicate the return of the Chinese economy to normal, which reinforces expectations of a recovery in oil demand.
