Reuters :
Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some US states and indications of a revival in US crude production.
US West Texas Intermediate (WTI) crude futures gained 15 cents, or 0.4%, to $38.87 at 0009 GMT but were on track for a slight drop for the week.
Brent crude futures rose 22 cents, or 0.5%, to $41.27, but were also heading towards a decline for the week.
Congestion in Shanghai in the past few weeks was higher than in the same period last year, while in Moscow traffic was back to last year’s levels, data provided to Reuters by location technology company TomTom showed.
However, sentiment has been dented by fears a spike in COVID-19 infections in southern US states could stall the demand recovery, especially as some of those states such Florida and Texas, are among the biggest gasoline consumers.
Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some US states and indications of a revival in US crude production.
US West Texas Intermediate (WTI) crude futures gained 15 cents, or 0.4%, to $38.87 at 0009 GMT but were on track for a slight drop for the week.
Brent crude futures rose 22 cents, or 0.5%, to $41.27, but were also heading towards a decline for the week.
Congestion in Shanghai in the past few weeks was higher than in the same period last year, while in Moscow traffic was back to last year’s levels, data provided to Reuters by location technology company TomTom showed.
However, sentiment has been dented by fears a spike in COVID-19 infections in southern US states could stall the demand recovery, especially as some of those states such Florida and Texas, are among the biggest gasoline consumers.
