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Oil Futures Settle Sharply Higher On Tight Supply

Despite worries about outlook for energy demand due to slowing growth, crude oil prices climbed higher on Friday amid concerns about supply outages in Libya and likely shutdowns in Norway.

A survey by Reuters that showed OPEC pumped 28.52 million barrels per day in June, down 100,000 bpd from May's revised total, contributed as well to the rise in oil prices.

West Texas Intermediate Crude oil futures for August ended higher by $2.67 or about 2.5% at $108.43 a barrel. WTI crude oil futures gained nearly 1% in the week.

Brent crude futures were up $2.43 or about 2.2% at $111.46 a barrel a little while ago.

It is feared that a strike by oil and gas workers in Norway on July 5 could result in a drop in the country's petroleum output by around 8%, or 320,000 barrels of oil equivalent per day.

Traders also reacted to the declaration of force majeure by Libya's National Oil Corporation (NOC) at the Es Sider and Ras Lanuf ports, and the El Fell oilfield.

A report from Baker Hughes said the oil rig count in the U.S. rose by one to 595 this week, the highest level since March 2020.

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