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# Oil prices rose to close the week after stronger-than-expected US economic data improved the outlook for crude oil demand as well as worries about the safety of oil transportation around the USSR strait. Hormuz, who could threaten the offer.
Futures contracts on Brent rose 7 cents to $ 63.46 per barrel. The week has ended at around 1.7%.
US crude futures closed at $ 56.20 per barrel, up 18 cents. The price of crude rose 1.2% during the week.
US economic growth slowed less than expected in the second quarter as consumer spending rose, bolstering expectations for oil consumption.
"The data has been positive in their results," said John Keldof of Agin Capital Management. "GDP has exceeded expectations … Consumer spending has exceeded the ceiling, but business spending was as bad as consumer spending."
A wider economic downturn, particularly in Asia and Europe, could weaken demand for crude outside the United States, which has dampened price increases.
"There is currently a battle in the market between those who think we will see an economic slowdown that will affect demand … and others (focused on) what's happening in the Persian Gulf and a reduction in production, "said Jane McGillian, vice president of market research at Tradeshow Energy in Stamford, Connecticut.
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