Oil prices rise as focus returns to supply concerns

Oil rose on Friday, clawing back some territory after prices fell by the most in a month in the previous session, as the focus returned to supply concerns ahead of a November deadline for U.S. sanctions on Iranian crude, Reuters reports.

Brent crude was up 17 cents at $78.35 a barrel at 1044 GMT. The global benchmark fell 2 percent on Thursday after rising on Wednesday to its highest since May 22 at $80.13.

U.S. West Texas Intermediate (WTI) futures were up 27 cents at $68.86 a barrel after dropping 2.5 percent on Thursday.

Brent was set for a 2 percent weekly rise and WTI 1.7 percent.

Price rises were capped after U.S. Energy Secretary Rick Perry said Saudi Arabia, other members of OPEC and Russia were to be admired for trying to prevent a spike in global oil prices.

“We think the oil market will have another go at pushing Brent above $80 a barrel,” Harry Tchilinguirian, oil strategist at French bank BNP Paribas, told the Reuters Global Oil Forum.

“The looming supply gap that the loss of Iranian oil exports represents is still ahead of us and that early November U.S. deadline to reduced imports to zero is fast approaching.”

The United States is renewing sanctions on Iran after withdrawing from a nuclear deal forged in 2015 between Tehran and world powers.