Oil settles at highest in nearly eight weeks

Brent crude futures rose US$1.12, or 1.4%, to settle at US$83.55 a barrel, while the US West Texas Intermediate crude (WTI) climbed 65 cents or 0.8% to US$78.01. — Reuters

HOUSTON: Oil prices rose for a second week in a row and settled at their highest in nearly two months on Friday as positive US economic growth and signs of Chinese stimulus boosted demand expectations, while Middle East supply concerns added support.

Brent crude futures rose US$1.12, or 1.4%, to settle at US$83.55 a barrel, their highest close since Nov 30. US West Texas Intermediate crude (WTI) climbed 65 cents or 0.8% to US$78.01, also the highest close since November.