Dhaka, Dec. 29 -- Oil prices settled more than 1 per cent higher on Friday and recorded a weekly gain in low trading volume ahead of year-end, buoyed by a larger-than-expected drawdown from US crude inventories last week.

Brent crude futures rose 91 cents, or 1.2 per cent, to settle at $74.17 per barrel. US West Texas Intermediate crude futures rose 98 cents, or 1.4 per cent, to $70.60 per barrel.

On a weekly basis, both Brent and WTI crude gained about 1.4 per cent, as per a Reuters report.

US crude oil inventories fell by 4.2 million barrels in the week ended December 20 as refiners ramped up activity and the holiday season boosted fuel demand, data from the US Energy Information Administration showed on Friday.

Analysts polled by R...