Oil prices rose on Friday, putting futures on pace to snap several weeks of declines, supported by signs that U.S. sanctions on Iran are already reducing global crude supply.
Benchmark Brent crude oil was up 85 cents, or 1.1 percent, at $75.58 a barrel by 8:46 a.m. ET (1246 GMT). Brent was on track for a gain of more than 5 percent this week, following three consecutive weekly losses.
U.S. West Texas Intermediate crude rose 79 cents, or 1.2 percent, to $68.62, heading for a gain of about 4 percent this week. WTI has fallen for seven straight weeks.
