Oil's bull run rolls on despite possible China reserves release | Reuters

Oil's bull run rolls on despite possible China reserves release | Reuters

Oil futures settled higher on Friday, boosted by supply constraints and worries of a Russian attack on neighbouring Ukraine, pushing prices toward their fourth weekly gain despite sources saying China is set to release crude reserves around the Lunar New Year. read more

Brent crude futures settled $1.59, or 1.9%, higher at a 2-1/2-month high of $86.06 a barrel, gaining 5.4% in the week.

U.S. West Texas Intermediate crude gained $1.70 , or 2.1%, to $83.82 per barrel, rising 6.3% in the week.

Both Brent and U.S. futures entered overbought territory for the first time since late October.