With concerns about supplies…high oil prices

Oil prices rose on Friday, on track to record their first weekly gain since the end of November, as supply concerns worsened while surplus expectations weighed on markets.

Brent and West Texas crude

Brent crude futures rose five cents, recording $73.46 per barrel by 0716 GMT, while US broker contracts rose eight cents, reaching $70.1 per barrel.
The two benchmarks are heading towards recording weekly gains of more than three percent due to fears of supply disruption, as well as hopes that Chinese stimulus measures will boost demand in the world’s second-largest consumer.