Oil edges higher on US, Europe demand hopes By Reuters – Investing.com

Oil edges higher on US, Europe demand hopes By Reuters – Investing.com

© Reuters. Crude oil storage tanks are seen from above at the Cushing oil hub in Cushing

By Sonali Paul MELBOURNE (Reuters) - Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India's raging second wave of COVID-19 cases kept a lid on gains. futures rose 21 cents, or 0.3%, to $65.61 a barrel at 0137 GMT, after climbing 8 cents on Thursday. U.S. West Texas Intermediate (WTI) crude futures jumped 29 cents, or 0.5%, to $61.72 a barrel, also after an 8 cent gain on Thursday. "The market shrugged off last week's (U.S. oil) inventory build, instead comforted by the continued improvement in gasoline demand," ANZ analysts said in a note. U.S. refiner Valero said gasoline and diesel demand were back to 93% and 100% of the levels they were at before the pandemic, with chief commercial officer Gary Simmons saying the company is "pretty bullish on gasoline going forward". Improving conditions in Europe also buoyed sentiment. France said schools would reopen on Monday and domestic travel curbs in place since early April restricting people to within 10 km