Brent, WTI rise over 1 on Friday, down 7 on weekly basis
China eases mortgage rules, Lunar New Year trips forecast to double
Saudi Arabia cut prices of Arab light crude to over 1year low

SINGAPORE, Jan 6 Reuters Oil prices rose as much as 1 on Friday, extending gains from the previous session, supported by hopes of a China demand boost and after data showed lower U.S. fuel inventories following a winter storm that hit at the end of the year.

Brent crude futures were 75 cents, or 1, higher at 79.44 a barrel at 0645 GMT, after settling 85 cents stronger at 78.69 on Thursday.

U.S. West Texas Intermediate crude futures were up 74 cents, or 1, at 74.41 a barrel. They had settled 83 cents higher at 73.67 in the previous session.

China39;s reopening optimism, especially further stimulus measures to boost the property sector, is the main bullish factor for the oil prices, which has improved the demand outlook in the near year, said Tina Teng, an analyst at CMC Markets.

A softened U.S. dollar has also added upside momentum to the oil markets, she added.

China announced more state support measures on Thursday, including establishing a dynamic adjustment mechanism on mortgage rates for firsttime home buyers, in a bid to boost its highly indebted property sector, which accounts for a quarter of the country39;s economy.

The total number of passenger trips via road, rail, water and air during the upcoming Lunar New Year is expected to reach 2.1 billion this year, transport…