Crude prices up over 2% on rising US oil demand and lower output

Brent futures for June delivery rose US$1.17, or 1.5%, to settle at US$79.54 a barrel, while the WTI crude rose US$2.02, or 2.7%, to settle at US$76.78.

NEW YORK: Oil prices mostly rose over 2% on Friday after energy firms posted positive earnings and US data showed crude output was declining while fuel demand was growing.

On its last day as the front-month, Brent futures for June delivery rose US$1.17, or 1.5%, to settle at US$79.54 a barrel, while the more actively traded July contract jumped 2.7% to settle at US$80.33.