Oil prices were steady on Friday and poised for a weekly increase amid an improving outlook for demand in the U.S. and China.
Concerns over supply disruptions in Russia also lent support. Brent futures dipped 3 cents to $76.45 a barrel by 0414 GMT while U.S. West Texas Intermediate crude edged down 4 cents to $72.44.
Both indexes have gained over 2% this week – the largest weekly advances since early January. Brent would be marking a second week of gains after three weeks of declines. WTI is set to have its first week of gains after four weeks of declines.
Global oil demand has averaged 103.4 million barrels per day (bpd) through February 19, a 1.4 million bpd increase, JPMorgan analysts said in a note on Friday.
They expect cold weather in the U.S. and increased industrial activity in China as people return from holidays to contribute more demand in the coming week.
U.S. crude oil stockpiles rose while gasoline and distillate inventories fell last week as seasonal maintenance at refineries led to lower processing, the Energy Information Administration said on Thursday.
