Oil prices on Friday as involuntary supply cuts from Venezuela and Iran plus conflict in Libya supported perceptions of a tightening crude market, while upbeat Chinese economic data eased concerns about waning crude demand.
U.S. West Texas Intermediate crude futures settled 31 cents higher at $63.89 per barrel on Friday, rising half a percent on the day and posting a 1.3% weekly gain. That marked the sixth straight week of gains for WTI.
Brent crude oil futures rose 96 cents, or 1.4% to $71.79 per barrel around 2:15 p.m. ET, heading for a weekly gain of 2.1%, their third weekly gain in a row.
Source : Reuters