Black commodities remained positive as the market headed for the weekend, having posted weekly gains of more than 6% after being supported by the prospect of better oil demand as well as a strong economic recovery in China and the United States.
US WTI crude traded strong around a 4 -month high of $ 63.57 a barrel, while Brent crude futures were up $ 67.06 a barrel.
Despite being crushed by concerns over an increase in coronavirus cases and delays in vaccine launches in some countries, positive factors this week have supported the crude oil trade.
Crude oil supply data readings released by the Energy Information Administration (EIA) and the American Petroleum Institute (API) this week, each showed a significant decline, signaling crude oil demand continues to recover.
Meanwhile, OPEC's outlook for growing global crude oil demand also supports the strengthening of this commodity.
Adding to the impetus for oil trade was when the world's two largest economies, the United States and China, showed a strong recovery in economic activity in the first quarter of this year.
