Oil Climbs, Set for Fourth Week of Gains as US Sanctions Hit Supply

OIL PRICE - SINGAPORE. Oil prices rose on Friday, heading for a fourth consecutive week of gains as the latest U.S. sanctions on Russian energy trade hit supply, pushing up spot trade prices and shipping rates.

Brent crude futures were trading 55 cents or 0.7% higher at $81.84 per barrel as of 0804 GMT and have gained 2.6% so far this week.