Oil prices, which eased somewhat on Friday, ended higher for a second consecutive week as factors from a massive cut in US interest rates and declining world inventories took their toll.

Brent futures, which traded 12 cents, or 0.2 per cent, lower at $73.76 a barrel at 0658 GMT on Friday, rose 4.3 per cent this week. U.S. WTI crude futures, which dropped 15 cents, or 0.2 per cent at $71.80 a barrel, rose 4.8 per cent weekly.

The benchmarks have been rebounding after they sank to near three year-lows on Sept. 10 and have advanced in five of the seven sessions since then.

Prices pared some gains on Friday after surging more than 1 per cent on Thursday after the US central bank cut interest rates by a half percentage point Wednesday. Cuts in interest rates generally stimulate economic activity and energy consumption, but some view it as a sign of a soft US labour market.

"Prices had been under pressure in recent months amid concerns demand would weaken, as tight monetary policies stifled economic activity," analysts at ANZ Research said in a note.

"Easing monetary policy helped reinforce expectations that the US economy will avoid a downturn," ANZ said.

A further factor that helped support prices was a decline in US crude inventories, which fell to a one-year low last week.&nbsp;

That kind of oil market deficit, coming at counter-season of about 400,000 barrels per day, should support Brent crude prices in the $70 to $75 per barrel range through the next quarter, analysts with Citi said Thursday, but added prices could plummet in 2025.

The crude prices were supported further by tense developments in the Middle East. Walkie-talkies used by the Lebanese armed group Hezbollah exploded on Wednesday, a day after similar explosions of pagers.

Security sources said Mossad, the Israeli spy agency, was responsible, but Israeli officials had no comment on the attacks.

Weak demand from an ailing Chinese economy weighed on prices, as well. Refinery output in China decelerated for the fifth month running in August. China's industrial output growth also eased to a five-month low last month while retail sales and new home prices weakened further.

Oil prices, which eased somewhat on Friday, ended higher for a second consecutive week as factors from a massive cut in US interest rates and declining world inventories took their toll.

Oil prices, which eased somewhat on Friday, ended higher for a second consecutive week as factors from a massive cut in US interest rates and declining world inventories took their toll. Brent futures, which traded 12 cents, or 0.2 per cent, lower at $73.76 a barrel at 0658 GMT on Friday, rose 4.3 per cent this week. U.S. WTI crude futures, which dropped 15 cents, or 0.2 per cent at $71.80 a barrel, rose 4.8 per cent weekly. The benchmarks have been rebounding after they sank to near three year-lows on Sept. 10 and have advanced in five of the seven sessions since then. Prices pared some gains on Friday after surging more than 1 per cent on Thursday after the US central bank cut interest rates by a half percentage point Wednesday. Cuts in interest rates generally stimulate economic activity and energy consumption, but some view it as a sign of a soft US labour market. "Prices had been under pressure in recent months amid concerns demand would weaken, as tight monetary policies stifled economic activity," analysts at ANZ Research said in a note. "Easing monetary policy helped reinforce expectations that the US economy will avoid a downturn," ANZ said. A further factor that helped support prices was a decline in US crude inventories, which fell to a one-year low last week. That kind of oil market deficit, coming at counter-season of about 400,000 barrels per day, should support Brent crude prices in the $70 to $75 per barrel range through the next quarter, analysts with Citi said Thursday, but added prices could plummet in 2025. The crude prices were supported further by tense developments in the Middle East. Walkie-talkies used by the Lebanese armed group Hezbollah exploded on Wednesday, a day after similar explosions of pagers. Security sources said Mossad, the Israeli spy agency, was responsible, but Israeli officials had no comment on the attacks. Weak demand from an ailing Chinese economy weighed on prices, as well. Refinery output in China decelerated for the fifth month running in August. China's industrial output growth also eased to a five-month low last month while retail sales and new home prices weakened further.

Oil prices close week on a high following US rate cut

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Oil prices close week on a high following US rate cut