Oil settles up ahead of US driving season

Brent crude LCOc1 rose US$2.03, or 1.7%, to settle at $119.43. U.S. West Texas Intermediate (WTI) crude CLc1 rose 98 cents, or 0.9%, to settle at $115.07 a barrel. For the week, Brent rose 6% while WTI gained 1.5%.

HOUSTON: Oil prices rose on Friday, closing out the week with gains ahead of the U.S. Memorial Day holiday weekend, the start of peak U.S. demand season, and as European nations negotiate over whether to impose an outright ban on Russian crude oil.

Brent crude LCOc1 rose US$2.03, or 1.7%, to settle at $119.43. U.S. West Texas Intermediate (WTI) crude CLc1 rose 98 cents, or 0.9%, to settle at $115.07 a barrel. For the week, Brent rose 6% while WTI gained 1.5%.