Oil prices rise 1.5 percent as strong U.S. economic data eases demand concerns - Reuters

Oil prices rise 1.5 percent as strong U.S. economic data eases demand concerns - Reuters:

Oil prices gained 1.5 percent on Friday as strong U.S. employment data tempered fears about weakening global crude oil demand, and on expectations that an escalating conflict in Libya could tighten oil supplies.

Optimism that Washington and Beijing are approaching a trade deal also boosted crude prices.

Brent crude futures settled at $70.34 a barrel, up 94 cents, or 1.35 percent. The session high of $70.46 was the strongest since Nov. 12.

U.S. West Texas Intermediate (WTI) crude settled at $63.08 a barrel, up 98 cents, or 1.58 percent. Earlier in the session, WTI hit $63.24, the highest since Nov. 6.