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Oil rises as supply constraints outweigh China slowdown fears
Oil prices rose on Friday as involuntary supply cuts from Venezuela, Libya and Iran supported perceptions of a tightening market, already underpinned by a production reduction deal from OPEC and its allies.
futures were at $71.39 per barrel at 0832 GMT, up 56 cents from their last close and heading for a weekly gain of 1.5 percent, their third weekly gain in a row.
U.S. West Texas Intermediate (WTI) crude futures were at $64.19 per barrel, up 61 cents from their previous settlement, set for a weekly rise of 1.7 percent, their sixth straight week of gains.
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