NEW YORK, July 8 (Xinhua) — Oil prices rose in volatile trading on Friday.

Texas Intermediate crude for August delivery added $2.06, or 2 percent, to $104.79 a barrel on the New York Mercantile Exchange. Brent crude for September delivery rose $2.37, or 2.3 percent, to $107.02 a barrel on London’s ICE futures exchange.

U.S. crude fell nearly 3.4 percent for the week, while Brent lost 4.1 percent, based on front-month contracts, as recession fears persisted.

Traders continued to digest a key report on US fuel inventories.

The US Energy Information Administration (EIA) reported on Thursday that the country’s crude oil inventories increased by 8.2 million barrels in the week ended July 1. Analysts polled by S&P Global Commodity Insights had expected the EIA release to show a drop of 1.2 million barrels in the US. oil supplies.

Total motor gasoline inventories fell by 2.5 million barrels last week, while distillate fuel inventories fell by 1.3 million barrels, according to the EIA.

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