Oil prices extended gains on Friday after closing at their highest in more than two months in the prior session, amid hopes that governments around the world may increase policy support to revive economic growth that would lift fuel demand.
Brent crude futures rose 22 cents, or 0.3%, to $76.15 a barrel by 0420 GMT, after settling at its highest since Oct. 25 on Thursday.
U.S. West Texas Intermediate crude was up 25 cents, or 0.3%, at $73.38 a barrel, with Thursday’s close its highest since Oct. 14.
Both contracts are on track for their second weekly increase after investors returned from holidays, improving trade liquidity.
Factory activity in Asia, Europe and the U.S. ended 2024 on a soft note as expectations for the New Year soured due to growing trade risks from Donald Trump’s impending return to the U.S. presidency and China’s fragile economic recovery.
