Oil steady climbs to four-week high on strong China data, demand revival

The morning sun rises behind oil rigs sitting in storage Saturday, Feb. 6, 2021 at a yard outside of Odessa, Texas. (Eli Hartman/Odessa American via AP)

SINGAPORE: Oil prices extended gains on Friday and were on course for a weekly gain of more than 6% with an improved oil demand outlook and strong economic recoveries in China and the United States offsetting concerns about spikes in COVID-19 infections.

Brent crude futures rose 13 cents, or 0.2%, to $67.07 a barrel at 0508 GMT, following a 36 cent rise on Thursday.