Oil rises more than 2% as supply outages outweigh recession fears | Reuters

Oil rises more than 2% as supply outages outweigh recession fears | Reuters

Oil prices gained more than 2% on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.

Brent crude futures settled at $111.63 a barrel, rising $2.60, or 2.4%. West Texas Intermediate crude (WTI) settled at $108.43 a barrel, gaining $2.67, or 2.5%.

WTI and Brent traded at about 70% and 77%, respectively, of the previous session's volumes ahead of the U.S. Fourth of July holiday.

For the week, Brent lost 1.3%, while WTI rose 0.8%. For June, both benchmarks had ended the month lower for the first time since November.

Prices rose on Friday despite the release of industry data showing U.S manufacturing activity slowed more than expected last month, adding to evidence that the country's economy was cooling as the Federal Reserve tightens monetary policy. read more