Oil prices climb on hopes for Federal Reserve slowing interest rate hikes
(Reuters) – Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand.
Brent futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while U.S. crude advanced 54 cents to $80.87 per barrel, a 0.7% gain.
The benchmarks were on track for a second straight week of gains. Both closed 1% higher on Thursday, near their highest closing levels since Dec. 1.
According to most economists in a Reuters poll, the Fed will end its tightening cycle after a 25 basis point hike at each of its next two policy meetings, and then likely hold interest rates steady for at least the rest of the year.
