Oil settles at 3-week high as more Russia sanctions loom

Brent futures rose US$1.08, or 1.5%, to settle at US$74.49 a barrel. US West Texas Intermediate crude rose US$1.27, or 1.8%, to settle at US$71.29.

NEW YORK: Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the US could boost fuel demand.

Brent futures rose US$1.08, or 1.5%, to settle at US$74.49 a barrel. US West Texas Intermediate crude rose US$1.27, or 1.8%, to settle at US$71.29.