CRUDE OIL NEWS UPDATED BY ROYAL TRADERS

Live News Update

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.

Brent crude oil 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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