Oil futures on Friday headed higher for the day and week as the industry drew optimism from the outcome of a Thursday meeting of OPEC members and allies about adherence to a global production cut pact.
Commodity analysts also said that renewed talks about a recovery fund to help Europe’s troubled economies and easing Sino-American relations were helping to lift the outlook for crude demand.
European Union leaders relaunched negotiations on Friday over a €750 billion ($840 billion) recovery fund to revive the eurozone but divisions remain.
West Texas Intermediate crude for July delivery, the U.S. benchmark, was trading $1.11, or 2.9%, higher at $39.95 a barrel on the New York Mercantile Exchange, after rising 2.3% on Thursday.
Global benchmark Brent oil for August delivery added 95 cents, or 2.3%, at $42.46 a barrel on ICE Futures Europe, after gaining 2% in the previous session.
For the week, WTI is on pace for a more than 10%, while Brent was looking at a 9.6% weekly advance.
Source: Marketwatch