Oil prices rise, notching weekly gains

NEW YORK, July 1 (Xinhua) -- Oil prices climbed on Friday to notch gains for the week, as supply concerns gained an upper hand on the market.

The West Texas Intermediate for August delivery added 2.67 U.S. dollars, or 2.5 percent, to settle at 108.43 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery increased 2.6 dollars, or 2.4 percent, to close at 111.63 dollars a barrel on the London ICE Futures Exchange.

For the week, the U.S. crude benchmark rose nearly 0.8 percent, while Brent advanced 2.3 percent, based on the front-month contracts.

Libya's state-owned National Oil Corporation on Thursday declared force majeure at more oil ports as protests and blockades continue to curb the country's crude production and exports, adding fuel to market concerns over tight supply.

Meanwhile, oil gains were somewhat capped by worries about a slowdown in global growth.

Traders continued to digest major oil producers' latest decision on output.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, agreed at its meeting on Thursday to step up oil production by another 648,000 barrels per day in August.

The group has yet to decide on new production targets for September and beyond.

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