Oil extends gain for a second session ahead of U.S. inflation data

Oil rose for a second session ahead of U.S. data that will help shape the debate over monetary policy.

West Texas Intermediate climbed above US$76 a barrel after closing almost 2 per cent higher in the previous session. Investors will be watching personal spending data later Friday for clues on the path forward for interest rates. Minutes from the Federal Reserve this week signaled more hikes to come.

Oil prices have been whipsawed this year by bullish optimism around China's rebound following the end of Covid Zero and persistent concerns over a US economic slowdown. Wall Street banks are starting to temper their outlook for crude prices, with UBS Group AG and Morgan Stanley the latest to trim forecasts.