U.S. crude oil rose on Friday, lifted by a positive consumer confidence report that indicated strength in the U.S. economy, while Brent was pulled higher by traders covering short positions before the weekend in case ties with Russia worsened.
The International Energy Agency had set a bearish tone for the market earlier in the session after it lowered its global demand forecast for 2014 due to expectations that more Libyan crude will reach the market next week, pushing Brent lower. But by mid-morning trade both the American and European benchmarks rose and were on track to end the week higher.
U.S. oil settled up 34 cents at $103.74 a barrel, ending the week nearly 3 percent higher. Brent crude rose 20 cents near $108 a barrel after settling 52 cents lower on Thursday. The contract was on track to end the week nearly 1 percent higher, recouping part of the previous week's losses.