Involuntary supply cuts from Venezuela, Libya and Iran are supported perceptions of a tightening market
An employee works on at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico. Picture: REUTERS
US West Texas Intermediate crude futures were at $64.19 per barrel, up 61c from their previous settlement, set for a weekly rise of 1.7%, their sixth straight week of gains. The head of Libya's National Oil Corporation warned on Friday that renewed fighting could wipe out crude production in the country.
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