Oil Rises From 6-Week High With Demand Optimism Spurring Gains

Oil Rises From 6-Week High With Demand Optimism Spurring Gains

(Bloomberg) -- Oil extended gains after closing at a six-week high as signs of strengthening demand in key markets offset concerns a Covid-19 resurgence in some countries, especially India, will damp consumption in the near term.

Futures in New York traded above $64 a barrel after climbing more than 3% over the previous two sessions. A gauge of demand for U.S. petroleum products increased last week to the highest in more than two months. Fuel demand may get another boost as China breaks for an extended holiday on Saturday, with mobility expected to climb to a record.

Broader markets also climbed on Thursday after the Federal Reserve strengthened its assessment on the U.S. economy and reaffirmed aggressive policy support.