Oil rises above $85 a barrel, Brent set for seventh weekly gain | Reuters
Oil prices stayed near multi-year highs on Friday, erasing some earlier losses in Asian trading hours, with concerns about tight supply and stockpiles fuelling bullish sentiment.
Brent crude futures rose 92 cents, or 1%, to $85.53 a barrel at 1335 GMT, after Thursday's three-year high of $86.10. The benchmark is set for its seventh weekly gain.
U.S. West Texas Intermediate (WTI) crude futures gained $1.05, or 1.3%, to reach $83.55 a barrel, not far off a seven-year high hit this week. The grade is heading for its ninth weekly rise.
Prices have been boosted by worries about coal and gas shortages in China, India and Europe, spurring some power generators to switch from gas to fuel oil and diesel.
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