Oil prices rose in Asian trading hours on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand and slowing inflation in top oil consumer the United States.
Brent crude oil prices rose 21 cents, or 0.3%, to $83.48 a barrel by 0018 GMT.
U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.2%, to $79.41 a barrel.
Brent futures are set to rise about 1% on a weekly basis, and WTI futures are set to gain 1.4%.
Recent declines in oil and refined products inventories at major global trading hubs have created optimism over oil demand growth, reversing a trend of rising stockpiles that had weighed heavily on crude oil prices in prior weeks.
Persons:
Brent, Alex Hodes
Organizations:
. West Texas, Brent, ., Financial, Federal Reserve
Locations:
Tutong district, Brunei, United States, U.S, Europe's Amsterdam, Rotterdam, Antwerp