Oil prices rise, posting weekly gains


NEW YORK, July 1 (Xinhua) — Oil prices climbed on Friday to mark gains for the week as supply concerns took over the market.

West Texas Intermediate for August delivery added US$2.67, or 2.5%, to settle at $108.43 a barrel on the New York Mercantile Exchange. Brent crude for September delivery rose $2.6, or 2.4%, to close at $111.63 a barrel on the London ICE Futures Exchange.

For the week, benchmark US crude rose nearly 0.8%, while Brent rose 2.3%, based on first-month contracts.

Libya’s state-owned National Oil Corporation declared force majeure at more oil ports on Thursday as protests and blockades continue to curb the country’s crude production and exports, fueling market concerns over tight supplies .

Meanwhile, oil gains were somewhat capped by fears of slowing global growth.

Traders continued to digest the latest decision from major oil producers on production.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, agreed at their meeting on Thursday to increase oil production by an additional 648,000 barrels per day in August.

The group has yet to decide on new production targets for September and beyond.

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