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Oil prices narrow weekly losses on supply fears

Oil prices narrow weekly losses on supply fears

Mubasher: Oil prices rose on Friday amidst rising concerns of limited supplies, however, the NYMEX West Texas Intermediate (WTI) recorded losses for the second consecutive week.

Production disruption in Iraq and Norway led to fears of a decline in market supplies, despite four oil ports returning for duty in Libya, especially as the United States sanctions on Iran continue to cause uncertainty.

Meanwhile, the number of active oil rigs in the United States settled by the end of the week, while natural gas rigs slightly rose, as shown by the data of the Baker Hughes weekly report.

The total number of oil rigs in the United States remained at 863, with natural gas rigs rising by two to a total of 189 rigs.

Nymex futures for August delivery rose by 1% to the level of $71.01 per barrel.