Oil extended gains after the US sanctioned a Chinese refinery for the first time in a marked step-up of measures to curb oil flows from Iran.
West Texas Intermediate rose toward $69 a barrel after advancing on Thursday, with Brent crude closing at $72.
The US penalized a Chinese oil refinery — Shandong Shouguang Luqing Petrochemical Co. — and its chief executive officer for allegedly buying Iranian oil, the Trump administration's first intervention in the Asian nation's refining system.
Crude is on track for its biggest one-week gain since mid-January, after US data spurred optimism over consumption in the biggest oil consumer.
However, advances have been limited by bearish headwinds, including an escalating global trade war and the specter of more OPEC+ supply from next month.
WTI for May delivery rose 0.6% to $68.49 a barrel at 7:28 a.m. in Singapore.
Brent for May settlement closed 1.7% higher at $72 a barrel.
Source : Bloomberg
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