NEW YORK (Xinhua) -- Oil prices rose on Friday, pushed by renewed concerns about supply shortages.
West Texas Intermediate crude for August delivery rose 3.35 US dollars, or 3.2 percent, to settle at 107.62 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $3.07, or 2.8 percent, to close at $113.12 a barrel on the London Futures Exchange.
Carsten Fritsch, energy analyst at research firm Commerzbank, said Friday in a note that the rise "may have been partly due to news of renewed production outages in Libya, where an oil company in the east of the country has been forced to suspend production due to further political protests." ".
Dealers are also waiting for a major meeting of major oil producers where the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as "OPEC +", are scheduled to meet next week to review the market and decide on production levels.
Over the past two sessions, oil prices fell as market participants feared a recession and its impact on fuel demand.
For the week, US benchmark crude fell 0.3 percent, while Brent closed flat, based on first-month contracts.
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Oil prices are rising amid tight supplies