[size=36]Oil prices touch their highest levels in a month[/size]
oil prices jumped more than three percent, on Friday, to touch their highest levels in more than a month in light of indications of high demand for crude as China announced the increase in refining consumption rates, and with the end of a week marked by positive news on the supply front.
Brent crude rose $ 1.21, or 3.9 percent, to $ 32.34 a barrel, after touching $ 32.44, the highest level since April 14. Brent rose nearly 7 percent on Thursday and is headed for a gain of 3 percent a week after rising over the past two weeks.
US West Texas Intermediate crude rose 92 cents, or 3.3 percent, to $ 28.48 a barrel, after hitting $ 28.54, the highest level since early April. West Texas crude jumped 9 percent in the previous session and headed towards its third weekly rise, climbing by 15 percent.
In light of the production cuts implemented by the Organization of Petroleum Exporting Countries (OPEC) and other major producers, there are also bright spots on the demand side. Data released on Friday showed that daily consumption of crude oil in China rebounded in April as refiners boosted operations.
However, the atmosphere in the market is still not optimistic, with the Corona virus pandemic moving away from reaching the end and the emergence of new infections in some countries where the measures of general isolation have been eased.
Barclays raised its forecast for Brent and West Texas US mediator between five and six dollars a barrel for 2020 and by 16 dollars for 2021.
The International Energy Agency said it expects global crude inventories to drop by about 5.5 million barrels per day in the second half of this year. Ended 6/19 N