Oil rises and posts weekly gain as Iran tensions support
NEW YORK - Oil prices rose on Friday, posting a weekly gain on lift from lowered expectations that an agreement on Iran's nuclear program will result in a rapid return of more Iranian barrels to the market.
Strong US. refined products futures and data showing a lower US. drilling rig count also lent support.
Brent May crude LCOc1 rose $1.30 to settle at $57.87 a barrel, finishing above its 50-day moving average of $57.61.
- May crude CLc1 rose 85 cents to settle at $51.64.