Oil climbs 6% in a week to its highest level since...

Oil prices jumped 6% in a week, to the highest level since late October, on renewed geopolitical concerns between Russia and the West in Ukraine.

Oil futures settled higher on Friday, supported by supply restrictions and fears of a Russian attack on neighboring Ukraine, which pushed prices towards gains for a fourth week, although sources say that China is preparing to withdraw from crude reserves near the Lunar New Year.

Brent crude futures ended the trading session up $1.59, or 1.9 percent, to settle at $86.06 a barrel, the highest level in two and a half months, up 5.4 percent in the week.

US West Texas Intermediate crude contracts rose $1.70, or 2.1 percent, to $83.82 a barrel, recording an increase of 6.3 percent in the week.

US officials expressed fears on Friday that Russia was preparing to attack Ukraine if diplomacy failed. Russia, which has amassed 100,000 soldiers on the Ukrainian border, released pictures of its forces’ movement.

Crude oil prices turned up as the dollar headed for what could be its biggest weekly drop in over a year. A weak dollar makes commodities more accessible to holders of other currencies.

Several banks expected oil prices to reach $100 a barrel this year as demand is expected to exceed supply.

However, sources told Reuters that China plans to draw from oil reserves around the Lunar New Year holiday between January 31 and February 6, as part of a plan coordinated by the United States with other major consumers to reduce global prices.


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