2021.05.0709:55:00UTC+00Oil Prices Set For Weekly Gain

Oil prices dipped slightly on Friday, but were on track for second consecutive weekly gains amid bets on rising energy demand.

Brent crude futures for July settlement dipped 0.2 percent to $67.96 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 0.3 percent at $64.53.

Oil prices are set for a weekly gain on the back of optimism over a global economic recovery as gradual reopening and coronavirus vaccinations pave the way for a revival in fuel demand in United States and Europe.

China's export growth unexpectedly accelerated in April and a private survey pointed to strong expansion in the country's service sector activity, though crude imports by the world's biggest buyer fell an annual 0.2 percent in April.

Strong economic data from Germany, France and the U.K. also boosted optimism about a recovery in oil demand as India reported a new high of 4,14,188 new COVID-19 cases, taking the caseload to 2,14,91,598, according to the Union Health Ministry.