LONDON—Oil prices rose for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth, strong middle distillate refining margins, and hopes of a rapid recovery in Chinese demand.
Brent futures gained $1.15, or 1.3 percent, to $88.62 a barrel by 0930 GMT. U.S. crude also rose by 1.3 percent, gaining $1.01 to $82.02.
Both benchmarks advanced by more than 1 percent on Thursday and are heading for a third straight week of gains.
OPEC+ delegates meet next week to review crude production levels.
The U.S. Federal Reserve’s next decision on interest rates will be made at meeting over Jan. 31 and Feb. 1 against a backdrop of a dip to inflation and gross domestic product that grew by a faster than expected 2.9 percent in the fourth quarter.
“The positive batch of data gave oil prices a lift,” said PVM analyst Stephen Brennock.
Gains on U.S. crude were capped by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, this week.
“We believe soaring middle-distillate prices and cracks are mostly behind crude’s bullish price action,” JPMorgan said in a note, pointing to heavy refinery maintenance and outages, plus the European ban on Russian refined products from Feb. 5.
