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Oil Edges Up With Demand Recovery Signs Offsetting Virus Surge

  • Valero bullish on gasoline demand; India virus cases surge
  • West Texas Intermediate posts first increase in three sessions
Gazprom PJSC Oil Operations in Serbia as Oil Bounces After Plunging to $10
Photographer: Oliver Bunic/Bloomberg
Updated on

Oil edged higher as strengthening demand signals from key economies offset concern around the rampant virus resurgence in countries such as India.

West Texas Intermediate snapped a back-to-back streak of declines after flipping between modest gains on losses on Thursday. U.S. gasoline demand is improving, while jobless claims fell to the lowest since the pandemic began. Casting a cloud over the prospects for a global recovery, India -- the third-largest oil importer -- posted the world’s largest one-day jump in coronavirus cases.