Oil prices rose on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite a surge in coronavirus infections in some U.S. states and indications of a revival in U.S. crude production.
U.S. West Texas Intermediate crude futures gained 33 cents, or 0.85%, to $39.05, but were on track for a slight drop for the week.
Brent crude futures similarly rose 1.2%, or 51 cents, to $41.57, but were also heading towards a small decline for the week.
Overall, commodities markets were taking a positive view on the global recovery on Friday despite worries about coronavirus flare-ups, said Michael McCarthy, chief market strategist at CMC Markets.
Source : Reuters