Oil gains amid confidence on fuel demand recovery
Oil prices rose on Friday, nearing their second week of gains amid growing confidence in fuel demand recovery.
Brent crude gained 0.3%, or 14 cents, at $45.10 per barrel. U.S. West Texas Intermediate rose 0.3%, or 12 cents, at $42.36 per barrel.
Prices were lifted this week by U.S. government data, which showed crude oil, gasoline, and distillate inventories all dropped last week amid a ramp-up in production and an improvement in oil demand.
Still, the International Energy Agency revised its forecast for fuel demand. The agency predicted that global oil consumption would be 8.1 million bpd lower this year due to less air travel.
OPEC also said that global oil demand is likely to fall by 9.06 million bpd this year, significantly bigger than the 8.95 million bpd drop predicted a month ago.