Brent futures gained $1.15 to $88.62 a barrel by 0930 GMT, while U.S. crude also rose by $1.01 to $82.02
Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.
Both benchmarks advanced by more than 1 per cent on Thursday and are heading for a third straight week of gains. The U.S. Federal Reserve’s next decision on interest rates will be made at meeting over Jan. 31 and Feb. 1 against a backdrop of a dip to inflation and gross domestic product that grew by a faster than expected 2.9 per cent in the fourth quarter.Gains on U.S. crude were capped by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, this week.
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