Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days.
Brent crude futures , which have rolled to the January contract, climbed $1.31, or 1.80%, to $74.12 a barrel by 0128 GMT.
U.S. West Texas Intermediate crude futures rose $1.35, or 1.95%, to $70.61 a barrel after settling up 0.95% in the previous session.
Oil prices were also supported by expectations that OPEC+ could delay December's planned increase to oil production by a month or more, four sources close to the matter told Reuters on Wednesday, citing concern about soft oil demand and rising supply.
The world's largest oil producer pumped a monthly record high of 13.4 million barrels per day in August, EIA said.
Persons:
Axios, Monday's, Tony Sycamore, Sycamore
Organizations:
Brent, . West Texas, U.S, Reuters, NPC, Energy Information Administration, EIA
Locations:
pare, Iran, Israel, Iraq, Sydney, Middle, U.S, China