Futures Movers: Oil prices rise, but face sharp losses for the week with Libyan output expected to rise

Oil prices climbed on Friday, but remained on track to post 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.

August West Texas Intermediate crude CLQ8, +0.53% the U.S. benchmark, tacked on 69 cents, or 1%, to $71.02 a barrel. The contract settled at $70.33 a barrel on the New York Mercantile Exchange Thursday—the lowest since June 25. Prices also briefly hit lows Thursday under $70 a barrel for the first time in over two weeks. It was poised for a weekly loss of about 4.1%.

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