LONDON—Oil prices rose on Friday and were broadly flat on the week as concern over oil demand growth was balanced by Saudi output cuts.
Brent crude futures rose 36 cents, or 0.5 percent, to $76.32 a barrel by 0932 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.5 percent, at $71.63.
Both benchmarks lost about $1 on Thursday, having rebounded from a slump of more than $3 after the U.S. and Iran denied a report by the Middle East Eye that they were close to a nuclear deal that could have brought Iranian barrels back to the market.
Oil prices had risen early in the week, buoyed by Saudi Arabia’s pledge over the weekend to cut output, but pared gains on a rise in U.S. fuel stocks and weak Chinese export data….