Oil rises, heads for weekly gain

Oil prices rose on Friday, on track for the eighth straight weekly gain, as the US dollar steadied against most major currencies.

The US Energy Information Administration reported yesterday that the crude inventories rose 6.1 million barrels to 427 million barrels last week, while analysts forecast a rise by 0.5 million barrels.

The dollar index held against a basket of major currencies at 93.9 points as of 17:19 GMT, after hitting a high of 94.07 points and a low of 93.8 points.

Goldman Sachs projected that oil prices will remain high during the coming years, as the growth of global demand will continue, and will likely head to record levels in 2022 and 2023.

As of 17:13 GMT, WTI crude November futures rose 1% to $82.09 a barrel.

Brent December futures rose 0.8% to $84.6 a barrel.