NEW YORK : Oil prices rose on Friday, with U.S. crude jumping more than 7% to its highest since March on signs that demand was picking up, with China reporting increased refinery runs and rounding out a week of bullish news on the supply front.
West Texas Intermediate (WTI) oil was up $2.02, or 7.4%, at $29.58 a barrel at 2:19 p.m. EST (18:19 GMT), after hitting a session peak of $29.92, its highest since mid-March.
WTI soared 9% in the previous session. Brent crude was up $1.45, or 4.6% at $32.58 a barrel. Brent rose nearly 7% on Thursday.
Both contracts were on track for a third consecutive week of gains. The second-month contract for U.S. crude traded at a discount to the first month for the first time since late February, implying