Oil headed for a second weekly gain as optimism over stronger Chinese demand overshadowed a weaker outlook in other major economies.

West Texas Intermediate surged towards $81 a barrel, putting the US benchmark on track for a gain of just over 1 percent this week. Chinese consumption has picked up after the top crude importer eased tough virus restrictions, with signs of increased buying by refiners in the physical market.

Still, weakness elsewhere has limited the rally. European…

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