WASHINGTON (dpa-AFX) - Oil price climbed higher on Friday, lifting the most active WTI Crude futures to a 11-week high, as concerns about potential supply disruptions amid rising tensions in the Middle East outweighed a weak demand outlook for oil.
West Texas Intermediate Crude oil futures for March ended higher by $1.16 at $79.19 a barrel.
Brent crude futures for April were up $0.51 or 0.63% at $83.87 a barrel a little while ago.
Supply disruptions amid an escalation in Middle East tensions contributed to the rally in oil prices. According to reports, Gaza's largest functioning hospital was under siege on Friday in Israel's war with Islamist group Hamas, as warplanes struck Rafah, the last refuge for Palestinians in the enclave.
In its montly oil market report released on Thursday, the International Energy Agency (IEA) said global demand growth is losing momentum, with annual gains easing from 2.8 million barrels-a-day in Q3 of 2023 to 1.8 million barrels-a-day in Q4 of 2023.
The IEA report cited a significant decline in Chinese demand as the reason for its demand outlook.
Meanwhile, data from the Labor Department showed producer prices in the U.S. increased more than expected in January.
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