Oil prices posted weekly gains of about 4%, supported by a decline in US crude inventories last week and stronger demand forecasts from the International Energy Agency, amid geopolitical tensions.
The crude gains came despite Brent crude futures for May delivery falling 0.1%, or 8 cents, to $85.34 a barrel, at settlement the day before yesterday, but rising 3.95% since the beginning of the week.
U.S. crude for April delivery fell 0.25 percent, or 22 cents, to $81.04, but posted a weekly gain of 3.9 percent. The weekly rise in crude prices came despite prices falling at the end of trading the day before yesterday after exceeding $85 a barrel on Thursday for the first time since November.
Brent crude futures fell 9 cents, or 0.11%, on Friday to $85.33 a barrel, while U.S. West Texas Intermediate crude fell 17 cents, or 0.21%, to $81.09.
Prices have been hovering between $80 and $84 a barrel for most of last month. The International Energy Agency on Thursday raised its 2024 oil demand forecast for the fourth time since November amid Houthi attacks disrupting shipping in the Red Sea.
