Oil is poised for a weekly gain despite the recent surge in Covid cases in India as optimism surrounding the global economic recovery continues to accelerate as well as subsequent impact on fuel demand. This comes amid reports that Chinese April crude oil imports fell 18.7% month over month as well as reports that key Chinese port levels have reached six-week highs. Notwithstanding, Chinese data showed export growth unexpectedly accelerated in April and the private survey demonstrated an expansion in the activity of the service sector. US inventories fell more than expected by 8 million barrels with exports rising 4.1 million barrels, the most since last March of last year according to the EIA. The market remains bullish trend with today’s range seen between 62.74 – 66.83.