Oil prices rise, head for weekly gain amid cautious hopes for fuel demand recovery

13 Aug by Vitaliy Dadalyan

Oil prices rise, head for weekly gain amid cautious hopes for fuel demand recovery

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Oil prices rise, head for weekly gain amid cautious hopes for fuel demand recoveryOil prices advanced on Friday and were heading for a second week of gains amid growing confidence that demand for fuel is starting to pick up despite the coronavirus pandemic that has slammed economies worldwide. West Texas Intermediate had gained 12 cents, or 0.3%, to $42.36. “The situation has improved some, but the market dynamics are still less than stellar,” said Robert Yawger, director of energy futures at Mizuho Securities, adding “the market is oversupplied”.