Week of "terror" for oil; WTI falls 3.8%

International oil prices rebounded at the end of the session, but not enough to avoid their second consecutive weekly decline, in the midst of growing trade tensions between the United States and China that have shaken investors. Libya to restore production have eased fears of a supply crisis.

The Trump administration could use the strategic oil reserve of 660 million barrels to increase domestic supply, according to two people familiar with the situation. situation.

Meanwhile, Libya's national oil producer has revived production of an important field that had been closed for months. The fall in prices was cut short Friday when Iran questioned Russian claims about the OPEC agreement to increase production.

The United States West Texas Intermediate crude oil contract (WT I) closed the day up 0.99% to $ 71.01 per barrel.

US crude has marked its worst week since the end Perhaps down 3.8%, when the United States has considered exploiting the national oil reserves to stifle the price hike in the United States. gasoline, while Libya's main supplies could ravage global supply and demand.

Brent Brent for the September delivery rose to 1.11% to be quoted at $ 75.33 per barrel. The world oil benchmark recorded a weekly fall of 2.3%.

The contract recorded its largest decline in a day in more than two years on Wednesday, after Trump released a list of Chinese products valued at $ 200 billion that could face additional tariffs. Global badets at risk were liquidated when China promised to retaliate.

At the end of June and early July, crude oil was approaching $ 80 due to supply disruptions in Libya and Venezuela and fears that the United States will support all buyers Iranian crude to reduce imports to zero from November.

However, prices fell after Libya, an OPEC member, reopened some of its ports and US Secretary of State Mike Pompeo said that Washington would consider re-launching it. grant exemptions to certain buyers of Iranian crude oil. .

The International Energy Agency (IEA) warned on Thursday that the world had little spare supply capacity and that, therefore, any further interruption could further increase oil prices .

With information from Reuters and Notimex.