Oil prices rose on Friday, but pared gains ahead of the close, as the market remained on edge about potential oversupply despite signs that Iran sanctions could curb output.
"In the near term we're still fairly well supplied," said John Kilduff, a partner at Again Capital Management.
U.S. West Texas Intermediate crude rose 89 cents, or 1.3 percent, to $68.72. For the week, WTI gained 4.3 percent, snapping a seven-week losing streak.
Benchmark Brent crude oil was up $1.02, or 1.4 percent, at $75.75 a barrel by 2:24 p.m. ET. Brent was on track for a gain of more than 5 percent this week, following three consecutive weekly losses.
"Both crude markers are on track to end a steady run of weekly declines. This is largely due to a tightening fundamental outlook on the back of looming Iranian supply shortages," said Stephen Brennock, analyst at London brokerage PVM Oil Associates.