Oil prices hit more than one-month highs on Friday after gaining over 3% amid signs of demand recovery.
Brent crude rose 3.9%, or $1.21, at $32.34 per barrel, gaining 3% for the week.
U.S. West Texas Intermediate climbed 3.3%, or 92 cents, at $28.48 per barrel. The benchmark is heading for its third week of gains.
The market mood remains gloomy, but demand recovery is underway as Chinese refineries and global oil supply increased.
The International Energy Agency forecasted global crude stockpile to drop 5.5 million bpd. Barclays forecasted Brent and WTI to be traded at $5-$6 per barrel in 2020.
Meanwhile, Saudi Arabia, OPEC’s leading oil producer, plans to cut output to nearly 5 million bpd. This came after the agreement between OPEC+ to cut production by 10 million bpd.
Japan car sales drop by 38% last month due to the coronavirus pandemic29.06.2020
Gold prices move closer to $1,800 as COVID-19 cases surpasses 10 million worldwide29.06.2020
Dollar gains as new infections cast doubt on recovery26.06.2020
Stocks and oil gain despite rising coronavirus cases