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Oil extends gains

Oil prices rose on Friday, extending day-earlier gains, as data showed demand for crude picking up in China after the easing of curbs to stem the coronavirus outbreak, boosting hopes that the global supply overhang may start to fade.

Brent crude was up 31 cents, or 1% at $31.47 per barrel, after rising nearly 7% on Thursday. The global benchmark is heading for a 1.8% gain on the week after rising for the previous two weeks.

West Texas Intermediate was up 21 cents, or 0.76%, at $27.77 per barrel, having jumped 9% in the previous session. WTI is heading for a third weekly increase, up more than 12%.

Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.