Oil caps fifth weekly gain on signs of solid demand

Oil caps fifth weekly gain on signs of solid demand

Oil capped its fifth week of gains on continued signs of robust demand and strained crude supplies that have taken prices to seven-year highs. Futures in New York edged lower on Friday, just above US$85 a barrel, but were still up 1.6 percent for the week. Oil neared US$88 earlier this week for its highest level since 2014 as geopolitical tensions threatened greater supply outages alongside strong demand numbers, despite the Omicron variant of …