Oil gains 1% on hopes of firmer demand

Brent settled 71 cents higher, or 0.9%, at US$83.98 a barrel. US West Texas Intermediate crude (WTI) gained 83 cents, or 1.1%, to US$80.06.

NEW YORK: Oil prices settled about 1% higher on Friday, with global benchmark Brent crude recording its first weekly gain in three weeks, after economic indicators from the world's top two oil consumers – China and the US – bolstered hopes for higher demand.

Brent settled 71 cents higher, or 0.9%, at US$83.98 a barrel. US West Texas Intermediate crude (WTI) gained 83 cents, or 1.1%, to US$80.06.