NEW YORK: Oil prices settled higher on Friday as geopolitical tensions in the Middle East more than offset a forecast from the International Energy Agency for slowing demand.

Brent crude futures settled up 61 cents, or 0.74% at US$83.47 a barrel. US West Texas Intermediate crude settled US$1.16, or 1.49%, higher at US$79.19 with the nearby March contract expiring on Tuesday. The April contract rose 87 cents to US$78.46.