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Oil rises but declines for the week as supply concerns ease

Reuters  |  NEW YORK 

By Stephanie KellyNEW YORK (Reuters) - Oil prices rose about 1 percent on Friday as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.Brent crude rose 88 cents to settle at $75.33 a barrel, a 1.18 percent gain. The global benchmark fell about 2.7 percent for the week.West Texas Intermediate (WTI) crude futures rose 68 cents to settle at $71.01 a barrel, but lost about 3.9 percent this week.The market pared gains late in the ...

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First Published: Sat, July 14 2018. 02:15 IST
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