Oil prices rose towards $75 a barrel on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand.
Benchmark Brent crude futures for September delivery rose 53 cents or 0.7% to stand at $75.04 as of 0827 GMT. The less-traded front-month contract , which expires on Friday, was up 52 cents at $74.86.
U.S. West Texas Intermediate crude rose 45 cents or 0.6% to $701.31. The contract is down more than 7% on a quarterly basis, its second consecutive quarterly drop. The U.S. Energy Information Administration said crude inventories fell by 9.6 million barrels in the week ended June 23, far exceeding the 1.8-million-barrel draw analysts had forecast in a Reuters poll.
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