Global benchmarks gain over 8 for the week
U.S. dollar hits sevenmonth low
Data on Thursday showed U.S. inflation fell in Dec.
Analysts bullish on China demand indicators

NEW YORK, Jan 13 Reuters Oil prices settled more than a dollar a barrel higher on Friday, notching their biggest weekly gains since October, as the U.S. dollar dropped to a sevenmonth low and more indicators pointed toward growing demand from top oil importer China.

Brent crude futures settled at 85.28 a barrel, up by 1.25, or 1.5. West Texas Intermediate WTI crude futures rose for the seventhstraight session to settle at 79.86 a barrel, up by 1.47, or 1.9.

Brent gained 8.6 this week, while WTI rose by 8.4, recouping most of the previous week39;s losses.

The U.S. dollar index for the first time in 212 years, feeding hopes the Federal Reserve would slow its rate hikes.

A weaker greenback tends to boost demand for oil, making it cheaper for buyers holding other currencies.

Recent Chinese crude purchases and a pickup in road traffic in the country are also fuelling hopes of a demand recovery in the world39;s secondlargest economy following the reopening of its borders and easing of COVID19 curbs after protests last year.

Everyone is looking at Chinese mobility indicators and they point upward, indicating recovering oil demand and supporting prices, said UBS analyst Giovanni Staunovo.

Next thing to watch is if this translates also into higher Chinese crude imports and if energy agencies IEA,…