Oil prices rose on Friday as fears of a U.S. recession eased but were on track for weekly declines of more than 4% after a jump in COVID-19 cases in top oil importer China raised the spectre of weaker fuel demand.
Brent crude futures were up 23 cents, or 0.3%, to $93.80 a barrel at 0101 GMT, extending a 1.1% rise in the previous session.
A weaker U.S. dollar boosts oil demand as it makes the commodity cheaper for buyers holding other currencies. Besides work-from-home orders reducing mobility and fuel demand, travel across China remained subdued, with people concerned about getting caught up in quarantine, ANZ Research analysts said in a note.
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