Oil Has Best Week Since Early March on Improving Demand Outlook
- China’s refiners processed 20% more oil in March than year ago
- JPMorgan sees Brent crude hitting $70 a barrel next month
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Oil posted the biggest weekly gain since early March as economic data in the U.S. and China strengthened expectations for a recovery in global fuel demand.
Futures in New York advanced 6.4% this week, despite eking out a small loss on Friday. On the heels of robust economic figures out of the U.S., data from China showed its gross domestic product climbed 18.3% in the first quarter from a year prior as consumer spending beat forecasts. In March, China’s refiners processed about 20% more crude than a year earlier, pointing to the strength of the country’s rebound.