Oil futures settled higher on Friday, recovering a portion of the sharp loss suffered a day earlier, as violence in Libya raised the risks to the nation’s oil production and economic data from China helped ease concerns over a slowdown in energy demand.
The announcement of a major energy deal also appeared to provide a boost early Friday in oil prices toward the session’s highs.
U.S. benchmark West Texas Intermediate crude for May delivery CLK9, -0.39% on the New York Mercantile Exchange rose 31 cents, or 0.5%, to settle at $63.89 a barrel, after losing 1.6% on Thursday.
On the ICE Futures Europe exchange, June Brent LCOM9, -0.15% added 72 cents, or 1%, to $71.55 a barrel, recovering some of the 1.3% loss the contract put in a day ago.
For the week, WTI gained of 1.3%, while Brent, the international benchmark, saw a weekly advance 1.7%, according to Dow Jones Market Data.