Singapore – Oil prices extended gains on Friday after closing at their highest in more than two months in the prior session, amid hopes that governments around the world may increase policy support to revive economic growth that would lift fuel demand.
Brent crude futures rose 16 cents, or 0.2 percent, to $76.09 a barrel after settling at its highest since Oct. 25 on Thursday, QNA reported.
US West Texas Intermediate crude was at $73.32 a barrel, up 19 cents, or 0.3 percent, with Thursday’s close its highest since Oct. 14.
Both contracts are on track for their second weekly increase with investors back from holidays, improving trade liquidity, QNA reported.
Lower interest rates should spur more economic growth which would lead to higher fuel consumption.
Investors are eyeing further interest rate cuts by the US Federal Reserve this year to support its economy, while China’s President Xi Jinping has pledged more proactive policies to promote growth.
