Oil Heads For Weekly Loss On Concerns Over Trade

Oil prices rose on Friday but were heading for yet another weekly decline as concerns intensified that trade disputes and slowing global economic growth could hit demand for petroleum products.

Brent crude oil futures were up 92 cents at $72.25/bbl by 1237 GMT, after rising over $1 to hit a high of $72.44/bbl. West Texas Intermediate (WTI) crude futures rose 59 cents to $66.05/bbl.

Brent was still heading for a 1% decline this week, a third consecutive weekly drop. WTI, meanwhile, is on track for a seventh week of losses with a fall of more than 2%.