Oil prices edge up on signs of improving demand

Oil prices rose in early trade on Friday on signs of improving fuel demand, though gains were capped as the market awaited clues from the U.S. Federal Reserve chairman on the outlook for rate hikes in a speech later in the day.

Brent crude futures climbed 46 cents, or 0.5%, to $99.80 a barrel at 0051 GMT. U.S. West Texas Intermediate (WTI) crude futures also rose 48 cents, or 0.5%, to $93.00 a barrel. Both slumped about $2 on Thursday.