(Bloomberg) -- Oil in New York jumped the most intraday in over a week as prices garnered support from a recovery in equities and a softer dollar.West Texas Intermediate climbed as much as 2.4% above $65 a barrel, reversing a weekly loss as a weakening dollar boosted appeal for commodities priced in the currency. Still, further gains remain capped by concern over the spread of Covid-19 in Asia.Easing restrictions in the U.S point continue to support expectations for heavy summer travel, buttressing the market’s underlying structure from recent weakness. The premium of Brent’s nearest contract against the next month strengthened to its widest in a week. Growth in that structure, which is called backwardation, suggests the market is expecting tighter supplies.“The economy looks a lot better,” with the U.S. easing its mask mandate “suggesting that we’re going to be close to normal soon,” said Michael Lynch, president of Strategic Energy & Economic Research. Still, “demand and supply are still well below normal, putting a ceiling on prices. Any boost that happens with demand will likely be met by restored supply.”Despite Friday’s gains, prices remain rangebound with optimism around global inventories rebalancing offset by constant reminders that parts of the world remain far from a full recovery from the pandemic. The International Energy Agency said this week that the global glut that built up last year has cleared. However, the agency also lowered its demand estimates due to the virus resurgence in India.“So far, the demand recovery is still fairly uneven,” said Bob Ryan, commodity & energy strategist at BCA Research. “Covid has not yet been contained. But next year, prices more than likely drift up toward $70 a barrel, because of the synchronization of the global recovery from the pandemic.”Meanwhile, gasoline stations are still in the process of returning to normal following the restart of the Colonial Pipeline. Fuel supply disruptions in some places in the U.S. East and South may still be weeks out from returning to normal after a cyberattack last Friday halted the largest fuel pipeline in the U.S.See also: Gasoline Pinch to Grind on for Weeks With Truck ShortageOil demand looks set to continue rising into this summer with restrictions easing in many of the world’s largest economies. President Joe Biden’s administration announced Thursday that fully vaccinated Americans can ditch masks in most settings. Elsewhere, Italy is poised to lift quarantine restrictions for arrivals from the European Union, the U.K. and certain other countries starting this weekend.But India’s sustained struggle with the latest outbreak is continuing to weigh on markets. Some local ports have declared force majeure due to staffing shortages. Elsewhere in the region, Singapore will reimpose curbs, Japan plans to extend restrictions and China saw its first coronavirus infections in about a month.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.