Brent crude rose more than 2% to above $78.50 a barrel on Friday, hitting its highest since October, boosted by a draw in U.S. crude stockpiles.
Cold weather in the U.S. reduced inventory levels at Cushing, Oklahoma, to the lowest since 2014. Global oil markets are tight due to reduced supplies from major exporters such as Russia and Iran, as well as a surge in demand for heating fuel.
The rise in oil prices is also linked to concerns about U.S. policy under President-elect Donald Trump, including potential sanctions on Iran and a trade conflict that could disrupt energy flows.
Trump's plans to allow new drilling and impose tariffs on Canadian imports, including oil, have further raised market concerns. Oil is now headed for a third straight weekly gain.
Source: Trading Economics
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