Oil rises but declines for the week as supply concerns ease | Reuters

Oil rises but declines for the week as supply concerns ease | 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 LCOc1 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 CLc1 futures rose 68 cents to settle at $71.01 a barrel, but lost about 3.9 percent this week.