Oil Edges Higher amid Supply Concerns

Oil prices edged higher on Friday amid concerns over global supplies. Brent crude futures for October delivery expire on Friday rose 23 cents, or 0.3%, to $80.17 a barrel. The West Texas Intermediate for October delivery gained 20 cents, or 0.2%, to settle at $79.02 a barrel. Both benchmarks settled more than $1 higher on Thursday on oil supply concerns, up 1.5% and 1.7% respectively for the week so far. More than half of Libyas oil production, or about 700,000 barrels per day, was offline on Thursday and exports were halted at several ports. Worries over demand continue to weigh on the market, with US inventory data showing a crude stock draw for the week ended on Aug. 23 around a third smaller than expected. Source: Qatar News Agency