Oil prices edged slightly higher in choppy trading on Friday, heading for a second weekly gain as positive U.S. economic growth and signs of Chinese stimulus boosted demand expectations, while Middle East supply concerns added further support.
Brent crude futures were up 53 cents, or 0.7%, at $82.93 a barrel by 1:48 p.m. ET (1848 GMT), and touched $83.57, their highest price since November.
U.S. West Texas Intermediate crude was up 20 cents, or 0.3% at $78.19.
“There has been a lot of money on the sidelines awaiting opportunity in crude and I think we’re seeing some of that come back into the space as the fundamentals for crude supplies seem to be tightening,” said Dennis Kissler, senior vice president of trading at BOK Financial.
