Oil Updates – prices up as world’s top consumers boost demand

SINGAPORE: Oil prices rose on Friday, driven by growing demand in the world’s biggest consumers, the US and China, while the US Federal Reserve gave a positive signal on the possibility of rate cuts.

Brent crude futures were up 0.6 percent, or 49 cents, at $83.45 a barrel by 7:15 a.m. Saudi time. US West Texas Intermediate crude futures rose 0.7 percent, or 60 cents, to $79.53.

Both contracts were down slightly on the week so far, however, with Brent and WTI down 0.1 percent and 0.5 percent respectively.