Oil prices extended their gains today, Friday, and are on a path of achieving a weekly profit of about 7%, with an improved outlook for crude demand and a strong economic recovery in China and the United States, which erased concerns about an increase in Covid-19 infections.<\/p>\n\n\n\n
With the close of the Tokyo Stock Exchange, Brent crude futures rose 30 cents, or 0.5%, to $67.24 a barrel, after increasing 36 cents on Thursday.<\/p>\n\n\n\n
U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4%, to $63.74 a barrel, after rising 31 cents on Thursday.<\/p>\n\n\n\n
A unit of the major oil and gas group, the China National Petroleum Corporation, said that China’s net imports of crude oil in 2021 are expected to grow by 3.4% this year compared to 2020 to about 11.2 million barrels per day.<\/p>\n\n\n\n
China announced a record jump of 18.3% in economic growth in Q1 from a decline caused by the Coronavirus earlier last year, but the pace of growth is expected to moderate later in the year.<\/p>\n\n\n\n
The longer prices remain high, he said, the more supplies are likely to return to the market, and that the risks of higher COVID-19 cases in places such as India and Europe could ultimately drive prices down.<\/p>\n\n\n\n
Currently, the market is supported by a strong jump in US retail sales, a drop in jobless claims and indications that more cars are on the roads in the world’s largest economy.<\/p>\n","protected":false},"excerpt":{"rendered":"
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