Investing.com - Oil futures ended Friday's session higher, as investors bet that fresh stimulus efforts in China and the euro zone will lead to increased global demand.
On the ICE Futures Exchange in London, Brent for January delivery jumped $1.19, or 1.3%, on Friday to settle at $80.36 a barrel by close of trade.
London-traded Brent futures hit a session high of $81.61 a barrel earlier in the day, the most since November 12.
On the week, the January Brent contract rose 95 cents, or 1.18%, the first weekly gain in nine weeks.
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in January tacked on 66 cents, or 0.87%, on Friday to end the week at $76.51 a barrel.
Nymex oil touched $77.83 a barrel earlier in the session, the highest level since November 12.
New York-traded oil futures picked up 69 cents, or 0.9%, on the week, halting a seven-week losing streak.
The spread between the Brent and the WTI crude contracts stood at $3.85 a barrel by close of trade on Friday, compared to $3.59 in the preceding week.
Oil prices rose on news that the People's Bank of China cut its benchmark one-year deposit rate by 25 basis points to 2.75% and trimmed its one-year lending rate by 40 basis points to 5.6%.
The move came in response to recent signs of a slowdown in the world’s second-largest economy.
China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.
Meanwhile, European Central Bank President Mario Draghi reiterated on Friday that the central bank is ready to expand its stimulus program to raise inflation and boost growth as quickly as possible.
The ECB's current stimulus program includes purchases of asset-backed securities and covered bonds, though markets are keeping a close eye out for plans to announce purchases of government debt, a stimulus tool known as quantitative easing.
Market players continued to weigh the likelihood that the Organization of the Petroleum Exporting Countries will cut output to support prices when it meets in Vienna on November 27.
Oil ministers from Venezuela and Ecuador have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.
Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.
London-traded Brent prices have fallen nearly 30% since June, when it climbed near $116, while WTI futures are down almost 29% from a recent peak of $107.50 in June.
In the week ahead, the U.S. is to release a string of economic reports on Wednesday due to Thursday’s Thanksgiving holiday, including a look at unemployment claims and durable goods orders.
A report from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers decreased their bullish bets in New York-traded oil futures in the week ending November 18.
Net longs totaled 175,051 contracts as of last week, down 4.1% from net longs of 182,490 in the preceding week.