NEW YORK - Oil prices rose in early Asian trading hours on Friday, setting up a third straight weekly jump, as concerns about supply problems from escalating geopolitical tensions and weather-related disruptions offset signs of weak demand.
U.S. West Texas Intermediate crude futures for August delivery rose 24 cents, or 0.3%, to $81.98 a barrel. Oil supplies have also come under pressure from weather-related disruptions which could worsen in the coming weeks. Heavy rains have caused Ecuador's production to decline by 100,000 barrels a day over the past week, FGE Energy said on Friday.
However, expectations of record travel over the July 4th weekend in the U.S. could lift gasoline demand and help draw stockpiles. -- Canada’s newest oil pipeline has turbo-charged exports of the country’s heavy crude to Asia and a diversion through California is making for a longer but potentially cheaper journey.
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