Oil prices inched up on Friday and posted weekly gains, boosted by upbeat U.S. economic data and concerns over the safety of oil transport around the Strait of Hormuz.
Brent crude futures were up 5 cents to $63.44 a barrel, rising more than 1% for the week. They fell 6% last week.
U.S. West Texas Intermediate crude rose 18 cents to settle at $56.20 a barrel, a weekly gain of more than 0.5%. It fell 7.5% last week.
U.S. economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.
Source : Reuters