Oil climbs to new 4-week highs on improved demand outlook

Oil prices rose to new four-week highs on Thursday on upbeat U.S. economic data and higher demand forecasts as countries begin to recover from the COVID-19 pandemic.

Brent futures climbed 0.5%, or 36 cents, at $66.94 per barrel on Thursday after gaining nearly 5% on Wednesday. U.S. West Texas Intermediate crude gained 0.5%, or 31 cents, at $63.46 per barrel.

Those were the highest closes for both contracts since March 17 for a second session in a row. It put both benchmarks up for a fourth straight session for the first time since February. 

The dollar index was on course to slip to a four-week low. A weaker dollar makes oil cheaper for buyers of other currencies, supporting prices. 

OPEC and the IEA revised their forecasts for global oil demand in 2021 to 5.7 million bpd and 5.95 million bpd respectively. Meanwhile, the U.S. crude stockpile dropped 5.9 million barrels last week.