TOKYO, April 28 (Reuters) - Oil prices gained about 2% on Friday after U.S. data showed crude output was declining while fuel demand was growing.
Brent crude futures rose $1.16, or 1.5%, to $79.53 a barrel by 12:24 p.m. EDT (1624 GMT), while West Texas Intermediate (WTI) crude rose $1.99, or 2.7%, to $76.75.
"But, today there were headlines showing there may be a solution to First Republic's problems and data pointing to a rise in oil demand and a decline in output," Flynn said.
In the same report, the EIA said U.S. product supplied of crude and petroleum products - a proxy for oil demand - rose to nearly 20 million bpd and finished motor gasoline rose to 8.7 million bpd in February, the highest for both since November 2022.
Oil companies like Exxon Mobil Corp(XOM.N), meanwhile, are riding a wave of strong demand and have held the line on cost-cutting implemented when fuel demand collapsed during COVID-19 lockdowns.