WASHINGTON (dpa-AFX) - Oil prices climbed on Friday and were on track for a third straight week of gains as signs of falling U.S. stockpiles and potential supply shortage due to the sanctions on Iranian and Russian crude exports offset concerns about demand weakness from China.
Prices were also supported by optimism around increased fuel demand from icy conditions in the U.S. and Europe.
Benchmark Brent crude futures rallied 1.5 percent to $78.0 a barrel in European trade, while WTI crude futures were up 1.4 percent at $74.92.
A powerful winter storm brought heavy snow and icy conditions to parts of the U.S. South on Thursday, and more is expected Friday as the second major winter storm sweeps across the country.
Elsewhere, flights have been cancelled across Europe due to snow. Analysts say that fuel demand will receive a boost from the severe winter conditions in parts of the United States and Europe.
The dollar held on to its recent gains in European trade after Federal Reserve officials signaled concerns that President-elect Donald Trump's policies could stoke inflation.
The U.S. nonfarm payrolls report, due later in the day, may reveal a moderation in job growth for December, but the jobless rate is seen holding at 4.2 percent, supporting the Federal Reserve's cautious stance on interest rate cuts this year.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
