Oil prices rose for the fifth day running on Friday to hover near four-week highs amid an improved demand outlook.

Brent crude for June settlement rose 27 cents, or 0.4 percent, to $67.21 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 24 cents, or 0.4 percent, at $63.70.

Oil prices remain on course for a weekly gain of more than 6 percent as strong U.S. and Chinese economic data bolstered expectations of a solid global economic rebound.

Bullish EIA inventory report, supply curbs by OPEC and its allies, together called OPEC+, coupled with vaccination efforts that are well underway in the United States and many other developed countries also helped lift demand outlook for crude.

The IEA and the Organization of the Petroleum Exporting Countries this week made upward revisions to their global oil demand growth forecasts as countries start to recover from the Covid-19 pandemic.

Geopolitical tensions remained in focus after the Biden administration announced a range of retaliatory measures against Russia on Thursday, including sanctions and diplomatic expulsions, in response to Moscow’s alleged election interference, a widespread hacking campaign and other malign activity.

The material has been provided by InstaForex Company – www.instaforex.com

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