August 30 — Oil prices saw modest increases on Friday, positioning themselves for a weekly gain amid ongoing supply concerns stemming from disruptions in Libya and planned production cuts in Iraq.
The upward movement in oil prices was also supported by recent data indicating that the U.S. economy grew faster than initial estimates, which alleviated some recession fears. However, potential gains were tempered by signs of weakened demand, particularly from China.
As of 08:45 GMT, Brent crude futures for October delivery, set to expire on Friday, were up 46 cents, or 0.58%, trading at $80.40 per barrel. The more actively traded November contract increased by 42 cents, or 0.53%, reaching $79.24 per barrel.
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