Picture used for illustrative purpose. File
Gulf Today Report
Oil prices advanced on Friday on hope for demand recovery following the ease of lockdown and economic growth, however, the surge in India’s COVID-19 cases capped gains.
Brent crude futures rose 37 cents, or 0.6%, to $65.77 a barrel while US West Texas Intermediate (WTI) crude futures jumped 45 cents, or 0.7%, to $61.88 a barrel.
Margaret Yang, a strategist at DailyFX said, "oil prices rebounded for a second day as a lower-than-expected US jobless claims data buoyed the energy demand outlook in North America."
Data from the US and China have indicated a robust economic recovery. Meanwhile, OPEC+ is set to meet and next week and would likely keep the current production plan, she added.
US refiner Valero said gasoline and diesel demand were back to 93% and 100% of the levels they were at before the pandemic, with chief commercial officer Gary Simmons saying the company is "pretty bullish on gasoline going forward".
In Europe, hope for an increase in demand is rekindling as France sets a date for school reopening and the end of domestic travel curbs.
The resurgence of infections in India and Japan, however, pointed to an uneven demand recovery in different parts of the world and oil prices could come under further pressure if the situation worsens in these key markets, analysts said.
Brent crude futures added 61 cents, or 1%, to $64.68 a barrel, as of 04:28 GMT while US West Texas Intermediate (WTI) crude futures gained 28 cents or 0.5% to $61.56 a barrel.
US West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.3%, to $59.93 a barrel by 03:56 GMT while Brent crude futures rose 29 cents, or 0.46%, to $62.99 a barrel.
Benchmark Brent climbed as high as $71.38 a barrel while US West Texas Intermediate (WTI) crude was down 22 cents or 0.3% at $65.87 after touching $67.98 a barrel.
“62 countries participated today in the Arabian Travel Market, an international mega tourism event since the COVID-19 outbreak. Dubai welcomes the world as global tourism begins to recover, representing the light at the end of the tunnel.”
Ras Al Khaimah Tourism Development Authority (RATKDA) has unveiled a new vision and destination brand on Sunday at the Arabian Travel Market (ATM) 2021.
More than 2,500 online travel agents, tour operators, hotel groups and airlines have signed on as Authorised Ticket Resellers (ATRs) for Expo 2020 Dubai, organisers announced at Arabian Travel Market 2021 (ATM).