Brent crude oil rose for a fourth straight session on Friday, heading for its first weekly gain since February, on promising U.S. economic data and concern that possible Western sanctions on Russia's energy sector could disrupt global supplies.
The United States and NATO have voiced alarm over what they say are thousands of Russian troops massed near its western border with Ukraine. Russian President Vladimir Putin has reserved the right to send troops into Ukraine, home to a large population of Russian-speakers in the east.
was up 20 cents near $108 a barrel. U.S. crude finished the session up 39 cents at $101.67, extending the previous session's rally. The U.S. benchmark was aided by a continued drawdown in oil stocks at Cushing, the pricing point for the U.S. benchmark.
West Texas Intermediate rose for its third session on data showing consumer spending increased in February, lifted by an increase in services consumption, news that also buoyed the U.S. equities markets. However, a dip in consumer sentiment this month offered confirmation that economic growth slowed in the first quarter.
WTI rose over $2 over the past two sessions, and is up 2.3 percent on the week. Brent crude is up nearly 1 percent on the week, after 4 consecutive weeks of losses as it retreated from February's gains on the back of events unfolding in Ukraine.
Oil prices also continued to draw support from the Ukraine crisis, with the United States and the European Union agreeing to work together to prepare tougher economic sanctions in response to Russia's behaviour in Ukraine and to make Europe less dependent on Russian gas.
Russia is the world's top oil producer.
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