|
Brent futures were up 51 cents to $84.39 a barrel at 0956 GMT.
U.S. West Texas Intermediate crude was up 57 cents to $79.83.
Falling U.S. crude inventories spurred by higher refinery runs
coincided with data released on Thursday showing China's oil
imports in April were higher than last year on signs of
improving trade activity.
China's exports and imports returned to growth in April after
contracting in the previous month.
"Ongoing signs of strength in demand in China should see
commodity market remain well supported," ANZ Research analysts
said in a note.
In Europe, a Ukrainian drone attack set an oil refinery in
Russia's Kaluga region on fire, RIA state news agency reported
on Friday, the latest salvo from Kyiv in what has become a
series of tit-for-tat attacks on energy infrastructure.
Meanwhile, conflict in the Middle East continues, after Israeli
forces bombarded areas of the southern Gaza city of Rafah on
Thursday, according to Palestinian residents, after the latest
round of negotiations to halt hostilities in Gaza came to
naught.
As the conflict rages, it increases the potential for a broader
conflagration in the region, particularly Palestinian group
Hamas' main supporter Iran, a key oil producer.
"Israel's groundwork for an intervention in Rafah and growing
tensions on its Northern border are a reminder that geopolitical
risks could persist through all of Q2 2024, at least," Citi
analysts said in a note.
Still, the bank sees prices easing through 2024, with Brent
averaging $86 a barrel in the second quarter and $74 in the
third quarter amid signs that global oil demand growth "appears
to be moderating".
(Reporting by Natalie Grover in London, Katya Golubkova in Tokyo
and Sudarshan Varadhan in Singapore; Editing by Stephen Coates
and Mark Potter)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
