Oil prices rose on Friday as a weakening dollar and lower expected August oil exports from Saudi Arabia supported the market, overtaking concerns about U.S.-China trade tensions and supply increases.
Despite Friday’s gains, crude futures posted a third consecutive weekly decline as supply increases pulled prices lower during the course of the week.
The expiring U.S. West Texas Intermediate (WTI) crude contract for August delivery ended Friday's session up $1, or 1.4 percent, to $70.46 a barrel, while the more heavily traded September contract was trading 10 cents higher at $68.34 just before the settle.
Brent oil was 47 cents higher at $73.05 a barrel by 2:27 p.m. ET.
Crude futures got a boost as the U.S. dollar slumped on comments from President Donald Trump that China and Europe are manipulating their currency and the Federal Reserve is hurting economic growth by raising interest rates.