Crude oil futures ended higher on Friday, but posted sharp losses for the week, as traders weighed concerns over resurgent Libyan supply and global trade disputes against indications of tighter crude supply and shrinking spare output capacity.
Market participants have been concerned by further trade tensions between China and the U.S. Such worries outweighed a report from the Energy Information Administration, which said weekly U.S. crude supplies dropped by 12.6 million barrels in the week ended July 6 and stand at about 4% below the five-year average for this time of year.
A report from the International Energy Agency suggested that global spare production capacity could be pushed to its limit. Benchmark crude oil futures for August rose 68 cents or 1 percent to settle at $71.01 a barrel on the New York Mercantile Exchange. September Brent crude surged 88 cents or 1.2 percent at $75.33 a barrel on London’s Intercontinental Exchange.

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