Oil prices rose more than 1 percent on Friday, supported by a dip in Libyan production and upbeat comments from Saudi Arabia that an OPEC-led effort to erode stockpiles is working. Brent crude futures rose 78 cents, or 1.2 percent, to $67.17 a barrel. The global benchmark was on track for a second straight week of gains, gaining 3.6 percent so far. West Texas Intermediate (WTI) crude futures increased 81 cents, or 1.3 percent, to $63.58 a barrel by 12:20 p.m. EST. WTI was set for a 3.1 percent weekly gain, also its second consecutive rise. Crude rebounded from an early loss after the shutdown of the El Feel oilfield in Libya, which produces 70,000 barrels per day of crude. Production in the OPEC-member has been running at about 1 million bpd, although it remains volatile due to unrest. “Libya is another outage,” said John […]