Oil posts 3% weekly gains on positive data, rate cut hopes

Brent crude futures settled 50 cents up, or 0.6%, at US$79.66 a barrel, while US West Texas Intermediate crude futures rose 65 cents, or 0.9%, to US$76.84.

HOUSTON: Oil prices settled higher on Friday and notched over 3.5% in weekly gains as positive economic data and signals from Fed policymakers that they could cut interest rates as early as September eased demand concerns, while fears of a widening Middle East conflict continue to raise supply risks.

Brent crude futures settled 50 cents up, or 0.6%, at US$79.66 a barrel, while US West Texas Intermediate crude futures rose 65 cents, or 0.9%, to US$76.84.