Oil prices inched higher on Friday as investors weighed supply concerns in the Middle East, although signs of weakened demand limited gains.
Brent crude futures for October delivery, which expire on Friday, were up 23 cents, or 0.3%, at $80.17 a barrel by 0410 GMT.
The more actively traded contract for November rose 20 cents, or 0.2%, to $79.02. U.S. West Texas Intermediate crude futures gained 18 cents, or 0.2%, to $76.09.
Both benchmarks settled more than $1 higher on Thursday on oil supply concerns, up 1.5% and 1.7% respectively for the week so far.
“Ongoing concerns over dented Libyan supplies were magnified by Iraq’s plans to tame production, which together can dent the global supplies of oil,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“However, the somber economic outlook of mainland China, the world’s largest importer of crude oil, continues to be a constant headwind on oil demand.”
Both benchmarks settled more than $1 higher on Thursday on oil supply concerns, up 1.5% and 1.7% respectively for the week so far.
