WASHINGTON (dpa-AFX) - Crude oil futures edged higher on Friday after swinging between gains and losses as traders weighed demand and supply prospects for the commodity.
Data showing U.S. GDP to have grown more than expected in the second quarter contributed a bit to oil's uptick.
While the likelihood of supply disruptions due to escalating tensions in the Middle East and data showing a drop in oil rigs count in the U.S. supported oil prices, lingering concerns about growth continue to cause uncertainty about near-term energy demand.
West Texas Intermediate Crude oil futures for September ended up $0.18, or about 0.3%, at $56.20 a barrel.
On Thursday, WTI crude oil futures for September ended up $0.14, or about 0.3%, at $56.02 a barrel.
For the week, crude oil futures notched up a gain of about 0.8%.
According to a report from Baker Hughes, oil rigs count in the U.S. dropped by three this week to 776.
Tensions between Iran, the U.S. and the U.K. remain high following the seizure of the British-flagged tanker Stena Impero by Iran's Revolutionary Guard last week in the Gulf.
The U.K. government said it would provide a Royal Navy escort for British-flagged ships passing through the Strait of Hormuz.
Meanwhile, Iran has reportedly test fired a ballistic missile in a bid to improve the 'range and accuracy' of its weapons.
Data released by the Commerce Department this morning showed that U.S. economic growth slowed in the second quarter but still exceeded economist estimates.
The data said real gross domestic product climbed by 2.1% in the second quarter following the 3.1% jump in the first quarter. Economists had expected the pace of GDP growth to slow to 1.9%.
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