Crude prices rose on Friday, despite briefly falling under 70 usd in New York, as traders turned their focus to Iran's budding nuclear ambitions which have already triggered international angst.
New York's main oil futures contract, light sweet crude for delivery in September, closed up 1.08 usd at 71.14 usd per barrel. The contract had earlier dipped to 69.60 usd, however.
In London, Brent North Sea crude for October delivery settled up 72 cents at 72.30 usd per barrel.
Prices fell beneath 70 usd in a 'continued reaction to the signs of an economic slowdown in the United States', said Societe Generale analyst Deborah White.
Recent US economic data has suggested the world's largest economy is cooling, particularly as economic growth slowed to 2.5 pct in the second quarter from a sizzling 5.6 pct clip in the first quarter.
Crude futures saw steep losses this week after a series of other economic reports appear to confirm a moderation in the American economy.
That dampens prospects for crude demand because the US is also the biggest consumer of energy in the world.
The second biggest energy consumer, China, also rattled the market on Friday when it hiked interest rates.
The news 'highlighted the fact that China was attempting to slow down its economy', which could impact on global oil demand, White added.
However, crude futures remained supported on Friday by the Iranian nuclear energy crisis, traders said.
Iran, the world's fourth biggest crude oil producer, has until August 31 to halt its uranium enrichment programme or face the threat of UN sanctions.
'Crude futures were higher (on Friday), recovering slightly after falling for last few days amid renewed concerns over Iran,' said Sucden analyst Michael Davies.
New York's main oil futures contract, light sweet crude for delivery in September, closed up 1.08 usd at 71.14 usd per barrel. The contract had earlier dipped to 69.60 usd, however.
In London, Brent North Sea crude for October delivery settled up 72 cents at 72.30 usd per barrel.
Prices fell beneath 70 usd in a 'continued reaction to the signs of an economic slowdown in the United States', said Societe Generale analyst Deborah White.
Recent US economic data has suggested the world's largest economy is cooling, particularly as economic growth slowed to 2.5 pct in the second quarter from a sizzling 5.6 pct clip in the first quarter.
Crude futures saw steep losses this week after a series of other economic reports appear to confirm a moderation in the American economy.
That dampens prospects for crude demand because the US is also the biggest consumer of energy in the world.
The second biggest energy consumer, China, also rattled the market on Friday when it hiked interest rates.
The news 'highlighted the fact that China was attempting to slow down its economy', which could impact on global oil demand, White added.
However, crude futures remained supported on Friday by the Iranian nuclear energy crisis, traders said.
Iran, the world's fourth biggest crude oil producer, has until August 31 to halt its uranium enrichment programme or face the threat of UN sanctions.
'Crude futures were higher (on Friday), recovering slightly after falling for last few days amid renewed concerns over Iran,' said Sucden analyst Michael Davies.
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