Oil rises over 2% as investors weigh market outlook

Brent crude futures settled up US$1.72, or 2.5%, at US$70.36 a barrel. US West Texas Intermediate crude gained US$1.88, or 2.8%, to US$68.45 a barrel.

NEW YORK: Oil prices rose over 2% on Friday as the International Energy Agency said the market was tighter than it appears, while US tariffs and possible further sanctions on Russia were also in focus.

Brent crude futures settled up US$1.72, or 2.5%, at US$70.36 a barrel. US West Texas Intermediate crude gained US$1.88, or 2.8%, to US$68.45 a barrel.