Daily Times

Crude oil prices continued an upward journey on Friday on signs of economic recovery in China and the United States.

At 1320 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, was trading at $67.10 a barrel after gaining 0.24 percent. Likewise, the US West Texas Intermediate (WTI) crude futures gained 0.03 percent to reach $63.48 a barrel. The price for Opec Basket was recorded at $63.39 a barrel with 2.46 percent increase, Arab Light was available at $66.74 a barrel with 1.12 percent increase while price of Russian Sokol increased 2.12 percent to reach $66.83 a barrel.

China’s first-quarter gross domestic product jumped 18.3 percent year-on-year, official data showed on Friday. On Thursday, figures showed a rise in US 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.

New US sanctions imposed on Russia, one of the world’s top oil producers, over alleged election interference and hacking could also support prices. Though they do not affect the oil sector directly, they could lead to higher financing costs and general uncertainty in trade with Russia.

Helping the rally this week, the International Energy Agency and the Organisation of the Petroleum Exporting Countries (OPEC) both made upward revisions to oil demand growth forecasts for 2021.