Oil rose on Friday and was heading for a second straight weekly gain, spurred largely by brightening economic prospects for China and resulting expectations of a boost to fuel demand in the world's second-biggest economy.
Brent crude gained 38 cents, or 0.4%, to $86.54 a barrel by 0912 GMT. U.S. crude advanced 74 cents, or 0.9%, to $81.07.
"Many traders believe it is highly likely that we are going to see higher demand coming from China as it continues to dismantle its COVID policies," said Naeem Aslam, analyst at broker Avatrade.Oil was also supported by hopes that the U.S. central bank will soon downshift to smaller rises in interest rates and by hopes for the U.S. economic outlook.predicted that the U.S.
The chances of a "soft landing" for the U.S. economy appear to be growing, Federal Reserve Vice Chair Lael BrainardThe two largest economies in the world need more crude, said Edward Moya, senior market analyst at OANDA. "The oil market has been down on global recession fears, but it is still showing signs it can remain tight a little while longer," he said.this week showing crude stockpiles rose by 8.4 million barrels in the week to Jan. 13 to about 448 million barrels, the highest since June 2021.
Reporting by Alex Lawler Additional reporting by Sudarshan Varadhan and Arathy Somasekhar Editing by David Goodman
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