Oil Updates – crude heads for second weekly gain on geopolitical tension, supply concerns

SINGAPORE: Oil prices extended gains on Friday and headed for a second weekly gain, supported by geopolitical tensions in Europe and the Middle East, concerns over tightening supply and optimism about global fuel demand growth as economies improve, according to Reuters.

Brent crude climbed 59 cents, or 0.7 percent, to $91.24 a barrel by 9:46 a.m. Saudi time. US West Texas Intermediate crude was at $87.02 a barrel, up 43 cents, or 0.5 percent.

Both benchmarks settled at their highest since October on Thursday.