NEW YORK – Oil settled modestly lower but secured a weekly gain on a stronger demand outlook and signs of economic recovery in China and the United States that offset concerns about rising COVID-19 infections in other major economies.
Brent crude settled down 17 cents, or 0.3 percent, at $66.77 a barrel. The global benchmark finished up 6 percent on the week after rising in the past four sessions.
US West Texas Intermediate (WTI) crude settled down 33 cents, or 0.5 percent, at $63.13.
China’s first-quarter gross domestic product jumped 18.3 percent year on year, official data showed. That followed a big increase in US retail sales and a drop in unemployment claims released on Thursday.
“Strong economic data, spurred by the Biden $1,400 stimulus check, is a huge positive development for the energy patch,” said Bob Yawger, director of energy futures at Mizuho.
This week, both the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) increased their forecasts for oil demand growth for 2021, citing the stronger-than-expected rebound in activity in certain economies.
