Oil climbs on Fed rate-cut signals, supply concerns

Brent futures rose 49 cents, or 0.8%, to settle at US$63.75 per barrel, while US West Texas Intermediate (WTI) crude rose 41 cents, or 0.7%, to settle at US$60.08.

NEW YORK: Oil prices edged up nearly 1% to a two-week high on Friday on increasing expectations the US Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand, as well as geopolitical uncertainty that could limit supplies from Russia and Venezuela.

Brent futures rose 49 cents, or 0.8%, to settle at US$63.75 per barrel, while US West Texas Intermediate (WTI) crude rose 41 cents, or 0.7%, to settle at US$60.08. Those were the highest closes for both crude benchmarks since November 18.