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US crude rose 1% to settle at $71.01 on Friday but still posted its second straight weekly loss. Brent gained about 1.5% but was heading for a weekly drop of 2%.
Strikes on Norwegian rigs and Iraqi port protests disrupted supply, while Libyan ports reopened.
Supply disruptions in Norway and Iraq offset the return of Libyan barrels, leaving crude prices roughly balanced. Feed buyers should see little direct energy-driven cost change from this week's moves.
cnbc.comReutersJul 13, 2018After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% over 20.
After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
