Energy

Oil prices creep up on demand recovery, tempered by virus outbreaks

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A kayaker passes in front of an offshore oil platform in the Guanabara Bay in Niteroi, Brazil, Saturday, Feb. 1, 2020.

Dado Galdieri | Bloomberg | Getty Images

Oil prices rose on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite a surge in coronavirus infections in some U.S. states and indications of a revival in U.S. crude production.

U.S. West Texas Intermediate (WTI) crude futures gained 42 cents, or 1.1%, to $39.14 at 0150 GMT but were on track for a slight drop for the week.

Brent crude futures similarly rose 1.1%, or 47 cents, to $41.52, but were also heading towards a small decline for the week.

Overall, commodities markets were…



Source cnbc.com

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