The Address | Benghazi – Libya
NEW YORK – Oil prices rose more than 1 percent on Friday on bullish U.S. employment data that tempered fears about a decline in global crude demand and on expectations that an escalating conflict in Libya could tighten oil supplies.
U.S. West Texas Intermediate crude settled 98 cents higher at $63.11 a barrel on Friday, rising 1.6% to a new five-month closing high. WTI posted its fifth consecutive weekly gain, rising 4.9% over the last five days.
Brent crude futures rose 94 cents, or 1.4%, to $70.34 a barrel, marking the first time the international benchmark has settled above $70 in five months. Brent finished the week 2.9% higher.
Both contracts hit new five-month highs after Friday’s settle.