Oil prices climb on hopes for Fed slowing interest rate hikes

Oil prices rose on Friday on optimism that the U.S. Federal Reserve will ends its tightening cycle, buoying the economy and boosting fuel demand.

Brent LCOc1 futures for March delivery gained 48 cents, or 0.6%, to $86.64 a barrel by 0113 GMT, while U.S. crude CLc1 advanced 54 cents to $80.87 per barrel, a 0.7% gain.

The benchmarks were on track for a second straight week of gains. Both closed 1% higher on Thursday, near their highest closing levels since Dec. 1.

Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.

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