Global oil prices ended trading on Friday higher, supported by the impact of Ukrainian drone attacks on Russian energy facilities, along with restrictions imposed by Moscow on fuel exports.
Brent crude rose to $70.13 a barrel, posting weekly gains of more than 5%, while U.S. West Texas Intermediate crude climbed to $65.72 , up 1.14%, marking its best weekly performance since mid-June.
Geopolitical tensions between Russia and Ukraine, along with NATO statements about the possibility of imposing additional deterrence, have raised concerns about supply, while moves by the US government to pressure its allies to reduce Russian imports have helped support prices.
On another front, support came from strong US economic data, with GDP growth of 3.8% , which boosts expectations for energy demand despite the ongoing debate about the pace of interest rate cuts by the Federal Reserve.
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