Oil prices climbed by more than 1 per cent on Friday and were heading for a third consecutive weekly gain as tensions in major Opec members Venezuela and Iran stoked supply concerns.
Crude, which rallied 3 per cent at the close on Thursday, was also extending gains because of risks associated with US President Donald Trump's threat to impose tariffs of 500 per cent on countries that buy Russian oil, seeking to break the deadlock in Moscow's peace talks with Ukraine.
Brent, the benchmark for two thirds of the world's oil, gained 0.73 per cent to $62.44 a barrel at 1.06pm UAE time.
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