WASHINGTON (dpa-AFX) - Oil edged up slightly on Friday and was on track for a fourth straight weekly gain, driven by concerns over tighter supply following U.S. sanctions on Russian oil producers and signals from a Federal Reserve official of potential interest rate cuts.
Benchmark Brent crude futures edged up by 0.2 percent to $81.48 per barrel in European trade while WTI crude futures were up 0.4 percent at $78.15.
Oil prices remained supported today on revived hopes of Fed, ECB and BoE rate cuts. Earlier today, China reported robust 2024 growth figures, but a variety of weak signals have raised skepticism among some outside economists.
Ahead of U.S. President-elect Donald Trump's second term, traders are seeking clarity on far-reaching sanctions and trade policies.
There were reports that Trump's advisers are crafting a wide-ranging sanctions strategy to try to facilitate a Russia-Ukraine diplomatic accord, while also squeezing Iran and Venezuela.
The dollar weakened slightly after Federal Reserve Governor Christopher Waller told CNBC that officials could lower rates again in the first half of 2025 if inflation data continue to be favourable.
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