Oil extends gains on strong US demand hopes, Russia supply concerns
Oil prices extended gains on Friday, headed for a weekly increase, as falling inventories of U.S. gasoline and distillate raised expectations of solid demand while concerns over supply disruptions in Russia lent support.
Brent futures climbed 16 cents, or 0.2%, to $76.64 a barrel by 0123 GMT. U.S. West Texas Intermediate crude edged up 17 cents, or 0.2%, to $72.65.
Both benchmarks were set for a weekly gain of about 3%.
U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week as seasonal maintenance at refineries led to lower processing, the Energy Information Administration said on Thursday. [EIA/S]
«Drawdowns of U.S. gasoline and distillate stockpiles, along with concerns over tight supplies in Russia, are supporting oil prices,» said Toshitaka Tazawa, an analyst at Fujitomi Securities.
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