Oil settles up on Mideast tensions, posts weekly loss

Brent crude futures settled up 71 cents at US$90.45 a barrel, while US West Texas Intermediate crude futures rose 64 cents to US$85.66.

NEW YORK: Oil rose around 1% on Friday on geopolitical tensions in the Middle East but posted a weekly loss on a bearish world oil demand growth forecast from the International Energy Agency (IEA) and worries about slower US interest rate cuts.

Brent crude futures settled up 71 cents at US$90.45 a barrel, while US West Texas Intermediate crude futures rose 64 cents to US$85.66.