Oil prices inched up on Friday as strong U.S. economic data boosted demand sentiment and as production losses in sanctions-hit Iran and Venezuela tightened the market. Still, oil futures recorded weekly declines after a jump in U.S. crude inventories reported this week. Brent crude oil futures settled at $70.85 a barrel, rising 10 cents. The global benchmark shed 2.6% for the week, breaking a five-week winning streak. U.S. West Texas Intermediate (WTI) crude futures closed at $61.94 a barrel, up 13 cents, while losing about 3% percent during the week, its second straight weekly decline. A U.S. jobs report that showed growth surging in April and the unemployment rate dropping to a more than 49-year low of 3.6% increased expectations that crude demand would stay strong. “If […]