Oil gains 1.5%, posts another weekly rise on supply concerns | Reuters

Oil gains 1.5%, posts another weekly rise on supply concerns | Reuters

Oil prices rose nearly 1.5% on Friday, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth.

Brent futures rose $1.49, or 1.3%, to settle at $112.39 per barrel. U.S. West Texas Intermediate (WTI) crude climbed $1.51, or 1.4%, to end at $109.77 a barrel.

"In the near term, the fundamentals for oil are bullish and it is only fears of an economic slowdown in the future that is holding us back," said Phil Flynn, an analyst at Price Futures Group.

For the week, WTI gained about 5%, while Brent nearly 4% after the EU set out an embargo on Russian oil as part of its toughest-yet package of sanctions over the conflict in Ukraine.