Oil could gain this week!

Oil is heading for its largest weekly gain since October due to ongoing geopolitical tensions, a decline in U.S. crude oil inventories, and expectations of additional government stimulus for China, a major crude oil importer.

Global benchmark Brent was around $82 per barrel after jumping 3 percent in the previous session, marking its first breakout from a recent narrow range. U.S. crude oil held around $77 per barrel, trading near its highest level in two months.