Jan 27 Reuters Oil prices edged ahead for a second session on Friday, buoyed by strongerthanexpected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID19 cases and deaths plunged from last month39;s peak levels.

Brent futures gained 18 cents, or 0.2, to 87.65 a barrel by 0724 GMT, while U.S. crude rose 22 cents to 81.23 per barrel, a 0.4 gain. Both benchmarks had gained more than 1 on Thursday.

The prices were flat compared with last Friday39;s close. If they end at higher levels, it would mark the third straight week of gains for crude.

Oil might have trouble making any substantial moves to finish the week as many traders will wait to see what happens with next week39;s two massive events; the OPEC virtual meeting on output and the FOMC decision, said Edward Moya, senior market analyst at OANDA.

OPEC delegates will meet next week to review crude production levels, amid steady support for crude prices from strong demand for jet fuel and diesel. The U.S. Federal Reserve will decide on another rate hike, as inflation cools and gross domestic product improves.

Gains on U.S. crude were limited by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, earlier this week.

Still, oil markets were boosted by broad optimism on the first day of the return of Chinese stock markets as China39;s reopening still plays a main role in boosting the demand outlook, said Tina Teng, analyst at CMC Markets.

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