Oil Prices On Track For Weekly Gain

Oil prices continued to climb on Friday morning after a substantial rise on Thursday, and will probably end with a weekly gain, albeit moderate, after two consecutive weeks of losses. The Thursday price jump came on the back of news from China, where refinery throughputs rose by 15.4% in May confirming strong oil demand, and retail sales data from the United States, which showed sales had surprisingly increased in May. “While overall Chinese activity data was disappointing, Chinese crude throughput in May jumped,” Charu Chanana, market…