Crude oil higher

Oil prices rose Friday, on course to post a weekly gain, on expectations that Russia will cut its supply in the new year while a winter storm hits large parts of the United States.

By 05:05 ET (10:05 GMT), U.S. crude futures traded 2.1% higher at $79.14 a barrel, while the Brent contract rose 2.8% to $83.27 a barrel.

The crude benchmarks are on track to post a second consecutive weekly gain, with Brent up 4.6% and WTI up 5.6%, rebounding after hitting a one-year low earlier this month as recession fears weighed on the market.

Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.

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