Oil rose as fresh US sanctions against Iranian oil and shipping countered some of Thursday's slump following a dour demand forecast from the IEA. 

West Texas Intermediate rose toward $67 a barrel after sliding 1.7% in the previous session, while Brent crude closed near $70. The White House is imposing sanctions on Iran's oil minister, and targeted even more companies and vessels it said are used in the transport of crude.

The decline on Thursday came after the International Energy Agency said a supply surplus is set to deepen as an escalating trade war pressures demand at the same time that OPEC+ is reviving output. The drop has put WTI on track for an eighth weekly loss, the longest stretch since August 2015. 

Source: Bloomberg