Oil set for third weekly gain on heating fuel demand

Oil prices rose in early Asian trade and were set for a third straight weekly gain, supported by rising demand for heating fuel amid cold weather in parts of the United States and Europe.

Brent crude futures were up 24 cents, or 0.3%, at $77.16 a barrel by 0138 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 26 cents, or 0.4%, at $74.18.

In the three weeks to Jan. 10, Brent crude rose 5.9% while WTI jumped 6.9%, according to Reuters.