Oil prices rose on Friday and were on track for a weekly increase as geopolitica...
LONDON - Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the U.S.-China trade war capped gains.
U.S. West Texas Intermediate crude CLc1 was 40 cents higher at $56.42 a barrel, a weekly gain of 1.3%. It fell 7.5% last week. Prices also drew support from a crude inventory draw in the United States, but gains were limited as the fall appeared to have been largely anticipated. U.S. production in the Gulf of Mexico was still feeling the effects of Hurricane Barry.
“Growing challenges in the macroeconomic environment have kept bullish bets in check as risk appetites remain soft over potential weakness in global fuel demand,” said Benjamin Lu, commodities analyst at Singapore-based Phillip Futures.
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