At the close of the week, oil traded just below multi-year highs on account of Germany’s chancellor and the U.S. Federal Reserve chairman utterances that demand disruptions from COVID-19 may not be over.

Brent crude futures rose 76 cents, to $85.36 a barrel after Thursday’s three-year high of $86.10. 

The benchmark is set for its seventh weekly gain.

U.S. West Texas Intermediate crude futures gained $1.13, to reach $83.63 a barrel, not far off a seven-year high hit this week. 

The grade is heading for its ninth weekly rise.

Readers Bureau, Contributor

Edited by Jesus Chan

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