Khaberni - Oil prices rose on Friday for the second consecutive day and are heading to record their third weekly gains amid concerns about the future of supplies from Venezuela and escalating fears that Iranian production could be affected by protests in the country.
Brent crude futures increased by 44 cents or 0.71% to $62.43 a barrel by 0203 GMT, and West Texas Intermediate crude rose by 39 cents or 0.68% to $58.15 a barrel.
The two benchmark crudes jumped by more than 3% on Thursday, after two consecutive days of declines. Brent is set to rise by 2.7% over the week and West Texas Intermediate is on track to climb by about 1.4% for the week.
Prices rose following the arrest of Venezuelan President Nicolas Maduro by the administration of US President Donald Trump a few days ago and his statement that the United States will take control of the oil sector in the South American nation. Concerns over supply disruption escalated amid protests in Iran, a major producer in the Middle East, as well as the implications of the Russian-Ukrainian war on Russian oil exports.
