WASHINGTON (dpa-AFX) - Oil prices were slightly higher on Friday, after having risen nearly 2 percent in the New York trading session overnight, driven by positive U.S. economic data, and concerns over potential supply disruptions in Libya and production cuts by Iraq.
Benchmark Brent crude futures edged up 0.1 percent to $78.93 a barrel, while WTI crude futures were up 0.2 percent at $76.03.
Revised data showed on Thursday that the U.S. economy grew at a 3 percent annual pace in the second quarter instead of the 2.8 percent rate originally estimated, amid strong consumer spending and downward revisions to the pace of consumer price growth.
On the supply side, Libyan output is at risk of further decline after halving this week as a result of a standoff between rival political factions over the central bank and oil revenue.
Also, Reuters quoted sources as saying that Iraq plans to reduce oil output from 4.25 million bpd in July to about 3.9 million bpd in September.
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