Oil prices were higher on Friday, supported by expectations that sanctions on Iran would tighten supplies, but crude futures still dropped for a third straight week as a slump in stock markets and concerns about trade wars clouded the fuel demand outlook.
U.S. crude ended Friday's session 26 cents higher at $67.58, posting a loss of 2.2 percent loss this week. The contract rose in four out of five sessions this week, but the gains were not enough to offset a nearly $3 drop on Tuesday.
Brent crude oil was trading around $77.61 a barrel, up 72 cents, by 2:29 p.m. ET , after earlier falling more than $1 to a low of $75.77. The contract is on course for a weekly loss of nearly 3 percent. It has fallen by more than $10 in the last three weeks.
Supporting prices on Friday, Iraq will stop trucking crude oil from its northern Kirkuk oil field to Iran in November to comply with U.S. sanctions, two sources familiar with Iraqi oil export operations said on Friday.