WASHINGTON (dpa-AFX) - Oil extended gains on Friday amid signs of improved summer demand and optimism over U.S. interest-rate cuts.
Benchmark Brent crude futures jumped 0.9 percent to $86.13 a barrel, while WTI crude futures were up 1.1 percent at $83.51.
Data this week showed improved consumption of gasoline and jet fuel in the U.S. over the summer travel season.
OPEC and the International Energy Agency (IEA) again forecasted different short and medium-term global oil demand growth, but it is widely believed that there will be positive growth trajectory in the near term due to possible reduction in interest rates.
On Thursday, data showed U.S. consumer prices surprisingly fell in June from the previous month, bolstering hopes for two Federal Reserve rate cuts this year.
Geopolitical tensions also remained on investors' radar after the Ukrainian Air Force said it downed five cruise missiles and 11 drones of 19 launched by Russia.
Earlier, Russia launched a devastating attack on Ukraine's Odesa region, resulting in casualties and damaging infrastructure.
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