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Singapore: Oil prices rose on Friday to fresh one-week highs after US President Donald Trump warned of "consequences” if Russia blocked a Ukraine peace deal, raising concerns about supply.
Sentiment was also lifted by strong economic data from Japan, one of the world’s largest crude importers.
Brent crude futures gained 16 cents, or 0.2%, to $67.00 a barrel, while US West Texas Intermediate crude futures rose 14 cents, also 0.2%, to $64.10.
All eyes are on Friday’s meeting between Trump and Russian President Vladimir Putin in Alaska, where a ceasefire in the Ukraine war is expected to top the agenda. Continued conflict between Russia and Ukraine supports oil markets by curbing the supply of Russian crude.
Meanwhile, fresh Japanese government data released on Friday showed the economy expanded at an annualized rate of 1.0% in the April-June quarter, compared with a median market forecast for a 0.4% increase. Strong economic activity typically boosts oil consumption.
