Oil Prices End Weekly Trading, over $86 per barrel

Oil futures have ended the weekly trading, up, boosted by supply constraints and fears of a Russian attack on neighboring Ukraine.

Such prevailing sentiments have pushed prices towards a 4th week of gains, although sources were saying that China is preparing to drawback from its crude reserves, near the Lunar New Year.

The world benchmark Brent blend futures ended the trading session up $1.59, or 1.9%, to record $86.06 a barrel, the highest level, in two and a half months, up 5.4% in the week.

For its part, the US West Texas Intermediate crude rose $1.70, or 2.1 percent, to $83.82 a barrel, recording an increase of 6.3 percent, in the week.

Crude oil prices turned up as the Greenback headed for what could be its biggest weekly drop, in over a year.

A weak dollar makes commodities more accessible to holders of other currencies.

Several banks expected oil prices to reach $100 a barrel this year, as demand is expected to exceed supply.

However, other sources told Reuters that China plans to drawback from oil reserves around the Lunar New Year holiday, falling on January 31 and February 6, as a part of a concerted plan orchestrated by the United States, with other major consumers to reduce global prices of the crudes, through increasing the supplies, at avail, across the main markets.