WASHINGTON (dpa-AFX) - Oil prices rose on Friday and headed for a third weekly gain amid signs that demand was picking up as coronavirus lockdown restrictions ease.
Global benchmark Brent crude jumped 46 cents, or 1.5 percent, to $31.59 per barrel, while U.S. West Texas Intermediate crude futures were up by 21 cents, or 0.75 percent, at $27.77 per barrel.
Data released last week showed that China's daily crude oil rebounded last month as refineries started resuming operations.
Signs of a gradual rebalancing in the global oil market can be seen, although these are still fragile, the head of the International Energy Agency (IEA) said on Thursday.
'After 'Black April', the heaviest demand destruction may be behind us, but huge uncertainties remain,' IEA Executive Director Fatih Birol tweeted. 'We see early signs markets have begun the rebalancing process.'
According to the IEA, crude inventories are expected to fall by about 5.5 million barrels per day (bpd) in the second half this year.
The IEA estimates that global oil supply is set to fall by a spectacular 12 mb/d to a nine-year low of 88 mb/d in May, as the OPEC+ agreement takes effect and global production declines.
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