West Texas Intermediate (WTI) crude futures rose $1.15, or 2.2%, to settle at $54.70 a barrel. The gains were tempered by the International Energy Agency's forecast for weakened demand in 2020. Still, Brent and WTI were headed for their first weekly increases in three weeks. Brent rose 3.7% for the week, while WTI gained 3.6%.
NEW YORK: Oil prices rose more than 2% on Friday after Iranian media said a state-owned oil tanker was attacked in the Red Sea near Saudi Arabia, while optimism surrounding the U.S.-China trade war lifted sentiment.
Brent crude futures gained $1.41, or 2.4%, to settle at $60.51 a barrel.
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