Oil prices climbed in early Asian trade on Friday as sentiment was boosted by an expansion in factory activity in China, the world’s second largest crude consumer, and as concerns grew about Middle Eastern supply.
Brent futures, which have risen nearly 6% this week, were up 15 cents, or 0.19%, at $79.42 a barrel at 0146 GMT. U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.23%, to $74.54, having gained about 8% this week.
China’s manufacturing activity rose in March at a slower pace compared with a record breaking expansion in February, but still exceeded expectations by economists in a Reuters poll.
