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Oil prices rose on Friday, extending gains on optimism about a recovery in fuel demand worldwide, despite a surge in coronavirus infections in some U.S. states and signs of a revival in U.S. crude production.
U.S. West Texas Intermediate (WTI) crude (CLc1) futures gained 57 cents, or 1.5%, to $39.29 at 0431 GMT but were on track for a slight drop for the week.
Brent crude (LCOc1) futures rose 64 cents, or 1.6%, to $41.69 and were also heading for a small decline for the week.
Overall, commodities markets were taking a positive view on the global recovery on Friday despite worries about coronavirus flare-ups, said Avtar Sandu, senior manager commodities at Phillip Futures in Singapore.
“Optimism about recovering fuel demand worldwide has been supportive of prices despite an increase in total coronavirus infections worldwide and amid signs that U.S. crude production from shale would grow,” he said.
Analysts said satellite data showing a strong pick-up in traffic in China, Europe and across the United States pointed to an improvement in fuel demand.