West TX Oil up to $50.80 on Track for Weekly Gain

U.S. crude nudged up to hover around $51 a barrel on Friday, set to post the first weekly gain in three, as geopolitical tensions in the Middle East supported oil.  U.S. crude rose 26 cents to $51.02 a barrel by 0006 GMT, on track for a more than 2 percent gain this week.  Brent settled down 7 cents at $60.48 a barrel on Thursday, on track for its biggest weekly drop in two months.

Libya’s warring factions held United Nations-backed talks on Thursday after deteriorating security forced the OPEC state to declare force majeure and halt production at 11 oilfields late on Wednesday.

Islamic State militants have set fire to oil wells northeast of the city of Tikrit to obstruct an assault by Shi’ite militiamen and Iraqi soldiers trying to drive them from the Sunni Muslim city and surrounding towns, a witness said.


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