LONDON—Oil on Friday was trading near a 2024 high and heading for a second weekly gain as positive U.S. economic growth and signs of Chinese stimulus boosted demand sentiment, while Middle East supply concerns added further support.
Data on Thursday showed the economy of the U.S., the world’s biggest oil consumer, expanded more quickly than expected in the fourth quarter. Also this week, China, the second-largest user, announced a deep cut to bank reserves to spur economic growth.
