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Benchmark Brent rose 3 cents, or 0.04%, to $69.66 a barrel by
1058 GMT while U.S. West Texas Intermediate crude was at $66.03
a barrel, up 1 cent, or 0.02%. Both recovered from losses
earlier in the session during Asian trade.
Brent is set for its eighth straight week of gains after prices
touched a 13-month high on Monday.
The Organization of Petroleum Exporting Countries forecast a
stronger oil demand recovery this year, weighted to the second
half. OPEC, Russia and its allies decided last week to maintain
its output curbs almost unchanged.
"The stronger-than-expected rebound in the second half of this
year implies that the global economy and hence oil demand
outlook is close to shaking off its COVID woes," PVM analysts
said.
RBC Capital analysts said the fundamentals for summer gasoline
was the most bullish in nearly a decade.
The United States, world's largest oil consumer, saw a big draw
on U.S. gasoline stocks last week as the winter storm in Texas
disrupted refining output. [EIA/S]
Sustained higher oil prices are expected to encourage U.S.
producers to increase output, which could eventually weigh on
prices, JP Morgan analysts wrote.
JP Morgan expects U.S. oil output to average 11.36 million bpd
this year compared with 11.32 million bpd in 2020.
Commerzbank expects oil to ease to about $60 during 2021.
(Additional reporting by Florence Tan; Editing by Edmund Blair)
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