Oil prices edge up on signs of improving demand

KUALA LUMPUR : Oil prices rose as much as $1 on Friday on signs of improving fuel demand, although further gains were capped as the market awaited clues from the US Federal Reserve chairman on the outlook for rate hikes in a speech later in the day.

Brent crude futures climbed 87 cents, or 0.9 percent, to $100.21 a barrel by 0410 GMT. US West Texas Intermediate (WTI) crude futures also rose 88 cents, or 0.9 percent, to $93.40 a barrel. Both contracts jumped in early trade by as much as $1 after slumping about $2 on Thursday.