Oil's bull run rolls on despite possible China reserves release

Brent crude futures settled US$1.59, or 1.9%, higher at a 2-1/2-month high of $86.06 a barrel, gaining 5.4% in the week. U.S. West Texas Intermediate crude gained $1.70, or 2.1%, to $83.82 per barrel, rising 6.3% in the week.

NEW YORK: Oil futures settled higher on Friday, boosted by supply constraints and worries of a Russian attack on neighbouring Ukraine, pushing prices toward their fourth weekly gain despite sources saying China is set to release crude reserves around the Lunar New Year.

Brent crude futures settled US$1.59, or 1.9%, higher at a 2-1/2-month high of $86.06 a barrel, gaining 5.4% in the week.