Oil prices rose in European trade for the second session, almost hitting multi-week highs and on track for the third weekly profit in a row on hopes for improving Chinese demand.
In addition, major producers are considering another output cut ahead of the OPEC + meeting next week.
Global Prices
US crude rose 1.5% to $82.40 a barrel, while Brent added 1.4% to $88.58 a barrel, with a session-low at $87.32.
US crude rose 0.8% on Thursday while Brent added 1.25%, resuming gains after a two-day hiatus off multi-week highs.
Global oil prices are up 1% so far this week on track for the third weekly profit in a row.
Chinese Demand
The International Energy Agency said that lifting Covid 19 restrictions in China is expected to increase global demand to record highs this year.
Analysts already pointed to a 22% jump in road traffic in China so far this month compared to last year.
OPEC +
Reuters reported that countries in OPEC + are discussing another supplies cut a week before their meeting in Vienna.
Will Oil Prices return above $90 once again?
Energy experts expect global oil prices to continue improving and reaching above $90- a barrel as demand in China in particular rebounds in the first quarter of the year.