Oil prices rose more than 1 percent on Friday as U.S. sanctions against Iran looked set to tighten supply. However, futures were lower for the week as investors worried that global trade disputes could slow economic growth and hurt demand for energy.
For the week, U.S. crude dropped more than 1 percent, posting its sixth straight weekly loss for its worst losing streak since August 2015. Brent was down roughly half a percent this week.
"It's not surprising to see a bit of a bounce back here," said Tariq Zahir. But he said prices would remain under pressure as U.S. gasoline demand slows going into the fall and refiners shut for maintenance, pushing more crude into storage.
"I think it now comes down to the point of what we see in demand numbers."