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(Bloomberg) -- Oil rose as simmering geopolitical conflicts and the prospect of sanctions on Russia and Iran countered projections for a supply glut next year. Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxHow California Sees the World, and ItselfCity Hall Is HiringAmerican Institute of Architects CEO ResignsLondon’s Tube Fares Are Set to Rise by 4.6% Next YearWest Texas Intermediate futures advanced 1.8% to top $71 a barrel, notching a weekly gain of about 6% and

NEW YORK (Reuters) -Oil prices climbed about 2% on Friday to settle at a three-week high, on expectations that additional sanctions on Russia and Iran could tighten supplies and that lower interest rates in Europe and the U.S. could boost fuel demand. Brent futures rose $1.08, or 1.5%, to settle at $74.49 a barrel. "This strength is being driven by ... expectations of tighter sanctions against Russia and Iran, more supportive Chinese economic guidance, Mideast political havoc and prospects for a Fed (U.S. Federal Reserve) rate cut next week," analysts at energy advisory firm Ritterbusch and Associates said in a note.

A banner year for U.S. stocks gets one of its last big tests with the coming week’s Federal Reserve meeting, as investors await the central bank's guidance on interest rate cuts. The Nasdaq Composite index breached 20,000 for the first time ever in the past week, another milestone for equities in a year during which the tech-heavy index has gained 32% while the S&P 500 has risen about 27%. Expectations that the Fed will cut interest rates have supported those gains.

(Bloomberg) -- The Federal Reserve has taken steps to reduce the stigma that has long plagued its discount window, though recent surveys indicate banks are still hesitant to use the key backstop facility. Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxHow California Sees the World, and ItselfCity Hall Is HiringAmerican Institute of Architects CEO ResignsLondon’s Tube Fares Are Set to Rise by 4.6% Next YearPolicymakers and regulators want banks to be more comfortabl

WASHINGTON (Reuters) -U.S. import prices barely rose in November as increases in the costs of food and fuels were partially offset by decreases elsewhere thanks to a strong dollar, suggesting that inflation pressures could subside in the months ahead. The report from the Labor Department on Friday, which also showed a sharp drop in imported air passenger fares last month, was supportive of economists' expectations for tamer gains in the personal consumption expenditures (PCE) price measures tracked by the Federal Reserve for its 2% inflation target. "Recent dollar strength should be a headwind for import price growth in coming months, but trade policy remains a wild card," said Michael Hanson, an economist at JPMorgan.

(Bloomberg) -- Oil prices are set for a new boom period from the middle of the next decade on continued demand growth in China and elsewhere, according to consultants Rapidan Energy Group.Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxBrace for a Nationwide Shuffle of Corporate HeadquartersHow California Sees the World, and ItselfCity Hall Is HiringAmerican Institute of Architects CEO Resigns“As expectations of a 2030 peak in global demand recede, the reality of a

(Bloomberg) -- The United Arab Emirates, a key member of OPEC+, will reduce oil shipments early next year as the alliance seeks stronger discipline in meeting production targets to shore up prices.Most Read from BloombergHong Kong's Expat Party Hub Reshaped by Chinese InfluxBrace for a Nationwide Shuffle of Corporate HeadquartersHow California Sees the World, and ItselfCity Hall Is HiringAmerican Institute of Architects CEO ResignsAbu Dhabi National Oil Co., known Adnoc, has cut the allocation o