Oil rallies for fourth straight week on tightening supply

Brent crude futures rose US$1.43, or 1.8%, to settle at US$81.07 a barrel, while US West Texas Intermediate crude ended US$1.42, or 1.9%, higher at US$77.07 a barrel.

BENGALURU: Oil prices rose nearly 2% on Friday to record a fourth consecutive weekly gain, buoyed by growing evidence of supply shortages in the coming months and rising tensions between Russia and Ukraine that could further hit supplies.

Brent crude futures rose US$1.43, or 1.8%, to settle at US$81.07 a barrel, with a weekly gain of about 1.2%. US West Texas Intermediate crude ended US$1.42, or 1.9%, higher at US$77.07 a barrel, its highest since April 25. WTI gained nearly 2% in the week.