Oil prices rose in early Asian trading on Friday, as sentiment rose thanks to an increase in factory activity in China, the second largest consumer of crude in the world.
And by 0146 GMT, Brent crude futures rose 15 cents, or 0.19 percent, to $ 79.42 a barrel. It had risen regarding six percent this week.
US West Texas Intermediate crude rose 17 cents, or 0.23%, to $74.54, following rising nearly 8% this week.
China’s manufacturing activity grew in March at a slower pace compared to a record increase in February, but still exceeded the forecasts of economists in a Archyde.com poll.
And the US Energy Information Administration said that crude stocks in the United States unexpectedly fell in the week ending March 24, recording the lowest level in two years.
Markets are now awaiting spending and inflation data in the United States, which will be released today, Friday, and its impact on the value of the dollar.
Source: Agencies