Oil prices rose about 1 percent on Friday as strike actions in Norway and Iraq hit supplies, but futures were set for a second straight week of decline after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.
U.S. benchmark West Texas Intermediate crude ended Friday's session up 68 cents cents, or 1 percent, to $71.01. The contract fell nearly 4 percent over the last five days, marking its second straight weekly loss.
Brent crude were up $1.11, or 1.5 percent, at $75.56 a barrel by 2:18 p.m. ET, heading for a weekly fall of 2 percent.
The market, however, found support on Friday from supply concerns.
Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, closing Shell's Knarr field, which produces 23,900 barrels of oil equivalent per day.