Oil heads for fourth straight quarterly decline | Reuters

Oil heads for fourth straight quarterly decline | Reuters

Oil prices rose above $75 a barrel on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand.

Benchmark Brent crude futures for September delivery rose 78 cents or 1.05% to stand at $75.29 at 0912 GMT. The less-traded front-month contract , which expires on Friday, was up 91 cents at $75.25.

The contract was on track for a 6% decline in the three months to the end of June, marking a fourth straight quarterly decline. Prices are at their lowest in 2 years.

U.S. West Texas Intermediate crude (WTI) rose 65 cents or 0.9% to $70.51. The contract is down 7% on a quarterly basis, its second consecutive quarterly drop.

Inflationary pressure and rising interest rates in key economies and a slower than expected recovery in Chinese manufacturing and consumption have weighed on markets in recent months.

But signs of strengthening U.S. economic activity and sharp declines in U.S. oil inventories last week offered support.