Oil prices rose on Friday, set to gain more than 6 percent for the week, on solid signs of demand growth in top oil importer China and expectations of less aggressive interest rate rises in the United States.
Brent crude futures rose by 5 cents to $84.08 a barrel by 0746 GMT, off a session low of $83.50. U.S. West Texas Intermediate (WTI) crude futures gained 13 cents to $78.52 a barrel after falling to $77.97 earlier in the session.
Brent has jumped 6.7 percent so far this week and WTI is up 6.2 percent, recouping most of last week’s losses.
Analysts said recent Chinese crude purchases and a pick-up in road traffic fuelled confidence in a demand recovery in the world’s second-largest economy following the reopening of its borders and easing of COVID-19 curbs after protests last year….