Oil climbed almost 1% on Thursday, recouping losses from the previous session, supported by supply tightness owing to OPEC+ production cuts and renewed optimism on the outlook for Chinese demand and global growth.
Crude has posted four consecutive weekly gains on an expected tightening of supply because of output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, as well as some involuntary outages.
Brent crude advanced 64 cents, or 0.8%, to $83.56 a barrel by 0820 GMT while U.S. West Texas Intermediate (WTI) crude rose 74 cents, or 0.9%, to $79.52. Intra-day peaks for both contracts were near their highest since April 19.
Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.