Oil prices jump as demand shows signs of picking up

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Oil prices rose on Friday, with U.S. crude jumping more than 6% to its highest since March on signs that demand was picking up, with China reporting increased refinery runs and rounding out a week of bullish news on the supply front.

West Texas Intermediate (WTI) oil was up $1.79, or 6.4%, at $29.32 a barrel at 12:18 p.m. EST (1618 GMT), after reaching $29.37, its highest since mid-March. WTI soared 9% in the previous session.

Brent crude was up $1.03, or 3.3% at $32.17 a barrel. The session high was $32.50, highest since April 13. Brent rose nearly 7% on Thursday.

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