KONTAN.CO.ID - LONDON. Oil held near $67 a barrel on Friday and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies. China's first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. On Thursday figures showed a rise in U.S. retail sales and a drop in unemployment claims. "Given the improving outlook for the world's two biggest economies, there is little chance of the market's feel-good glow being extinguished any time soon," said Stephen Brennock of oil broker PVM.
Oil holds near $67, heads for weekly gain on demand hopes
KONTAN.CO.ID - LONDON. Oil held near $67 a barrel on Friday and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies. China's first-quarter gross domestic product jumped 18.3% year on year, official data showed on Friday. On Thursday figures showed a rise in U.S. retail sales and a drop in unemployment claims. "Given the improving outlook for the world's two biggest economies, there is little chance of the market's feel-good glow being extinguished any time soon," said Stephen Brennock of oil broker PVM.