Oil Futures Register Weekly Gains

Oil prices rose on Friday, on the back of positive expectations about demand recovery, despite the weaker than expected April jobs report in the United States.

The surging number of new cases of the coronavirus (COVID-19) in India, a major importer of crude oil, are being balanced by easing travel restrictions and lockdown measures in the United States and Europe.

Brent crude futures for July delivery gained 19 cents, or 0.3%, to close at $68.28 per barrel.

For the week, the global benchmark crude futures rose by 2.3%.

Meanwhile, the West Texas Intermediate (WTI) crude futures for June delivery added 19 cents, or 0.3%, to finish at $64.90 per barrel, rising by 2.1% for the week.