Brent crude futures climbed 33 cents to $74.56 a barrel by 1008 GMT, while U.S. West Texas Intermediate crude futures rose 27 cents to $70.37
Oil prices held steady on Friday, on track for a weekly rise of 5 per cent, as the Ukraine war intensified and Chinese imports were set to increase in November.
Both contracts are set for gains of 5 per cent this week, the strongest weekly rise since late September, as Moscow steps up its Ukraine offensive after Britain and the United States allowed Kyiv to strike Russia with their weapons. Ukraine has used drones to target Russian oil infrastructure, for instance in June, when it used long-range attack drones to strike four Russian refineries.
The world’s top crude importer, China, announced policy measures on Thursday to boost trade, including support for energy product imports, amid worries over U.S. President-elect Donald Trump’s threats to impose tariffs.
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