REUTERS

Oil prices extended gains on Friday and were on course for a weekly gain of more than 6% with an improved oil demand outlook and strong economic recoveries in China and the United States offsetting concerns about spikes in COVID-19 infections.

Brent crude futures rose 13 cents, or 0.2%, to $67.07 a barrel at 0508 GMT, following a 36 cent rise on Thursday, as reported by Reuters.

Read alsoGermany's FM believes Russian troops along Ukraine borders no reason to bury Nord Stream 2 – mediaU.S. West Texas Intermediate (WTI) crude futures were 12 cents, or 0.2%, higher to $63.58 a barrel, after climbing 31 cents on Thursday.

China's 2021 net crude oil imports are forecast to grow 3.4% this year versus 2020 to about 11.2 million barrels per day, a unit of top oil and gas group China National Petroleum Company said.

China also reported a record 18.3% jump in economic growth in the first quarter from a coronavirus-induced slump earlier last year.

More news reports