Oil prices rose on Friday as investors weighed supply concerns in Libya and Iraq, although signs of weakened demand, particularly in China, limited gains.
Brent crude futures for October delivery, which expire on Friday, were up 39 cents, or 0.5%, at $80.33 a barrel by 0630 GMT. The more actively traded contract for November rose 34 cents, or 0.4%, to $79.16.
U.S. West Texas Intermediate crude futures gained 30 cents, or 0.4%, to $76.21.
Both benchmarks settled more than $1 higher on Thursday on oil supply concerns, up 1.6% and 1.8% respectively for the week so far.
Meanwhile, Iraqi supplies are also expected to shrink after the country's output surpassed its OPEC+ quota, a source with direct knowledge of the matter told Reuters on Thursday.
The Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, is set to gradually phase out voluntary production cuts of 2.2 million bpd over the course of a year from October 2024 to September 2025.
Source: Reuters
