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Oil Rises on Hopes of Recovery in Demand

Adel 23 April, 2021 1:38 pm Commodities, Market Update

Oil prices rose on Friday, April 23, boosted by hopes for a recovery in demand as global growth improves and lockdown measures eased, but concerns about a surge in second-wave COVID-19 infections in India dampen the gains.

Brent crude futures rose 42 cents, or 0.6%, to $65.82 a barrel after rising 8 cents on Thursday.

US West Texas Intermediate crude futures jumped 51 cents, or 0.8%, to $61.94 a barrel, after also increasing by 8 cents on Thursday.

The two benchmark crude contracts are heading towards a weekly loss of about 2% due to concerns about reduced fuel demand in India, the world’s third-largest importer of oil, as injuries and deaths with Covid-19 reached a new record this week.

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