Oil prices gained more than 2 per cent on Libya supply outages, expected shutdowns in Norway

Oil prices gained more than 2 per cent on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. WTI and Brent traded at about 70 per cent and 77 per cent, respectively, of the previous session’s volumes ahead of the U.S. Fourth of July holiday. For the week, Brent lost 1.3 per cent, while WTI rose 0.8 per cent. Prices rose on Friday despite the release of industry data showing U.S manufacturing activity slowed more than expected last month, adding to evidence that the country’s economy was cooling as the Federal Reserve tightens monetary policy. Still, low crude and fuel supplies supported the oil market even as equities slumped and the U.S. dollar, which typically has an inverse relationship with crude, rose.