WASHINGTON (dpa-AFX) - Crude oil prices rose Friday after OPEC agreed to raise output but neglected to say by how much.
Despite objections from Iran, Saudi Arabia managed to get other cartel members to commit to unspecified increased in production.
Prices surged, however, as traders expect some nations like Nigeria and Libya to lag behind in turning on the spigots.
WTI light sweet oil for August climbed by $3.04, or 4.6% to settle at $68.58/bbl. Prices were up 5% for the week.
Meanwhile, Baker Hughes said the U.S. oig count fell by 1 to 862 last week. It's the first time in more than two months that the rig count declined.
In economic news, IHS/Markit data signalled robust U.S. economic growth for the second quarter.
The IHS manufacturing index slipped to a seven-month low of 54.6 from 56.5. Any reading over 50 signals expansion.
Copyright RTT News/dpa-AFX