Oil Rises, But Ends Week on a Sour Note

Oil futures regained ground on Friday, with West Texas Intermediate (WTI) crude settling above the $62 a barrel level after upbeat economic data for the US, including PMIs and new homes sales, lifted hopes of a fast recovery in fuel demand.

In Europe, flash PMIs also pointed to economic recovery, and some countries, including France, started to ease restrictions.

Still, rising coronavirus infections in some parts of Asia capped gains. Pressuring prices further this week were EIA data showing a surprise US inventory build. As a result, the US benchmark finished the week almost 2% lower while Brent ended it down 1%.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity.

Source: Trading Economics