(Bloomberg) -- Gulf Keystone Petroleum Ltd. will become the latest oil producer in Iraqi Kurdistan to cut production, as a legal spat between the region’s government and Baghdad that’s pushed up crude prices drags on.Most Read from BloombergTrump Faces Fingerprints, Mug Shot After Dramatic IndictmentParents Are Paying Consultants $750,000 to Get Kids Into Ivy League SchoolsWorld’s Top-Rated Airport Sees Immigration System RestoredFlight to Money Funds Is Adding to the Strains on Small BanksHow K
By 11:30 ET (15:30 GMT), New York-traded West Texas Intermediate, or WTI, crude was at $74.98 per barrel, up $1, or 1.3%, on the day, after a session high of $75.50 that marked a two-week peak. For the month though, the U.S. crude benchmark was off about 2.5%, while for the quarter, it showed a loss of more than 6%. London-traded Brent crude hovered at above $79, up about 1% on the day and around 7% higher on the week.
Oil prices traded higher Friday, boosted by signs of recovery in China’s economy and slightly cooler than expected U.S. inflation data. By 08:45 ET (12:45 GMT), U.S. crude futures traded 0.5% higher at $74.75 a barrel, while the Brent contract rose 0.1% to $78.69 a barrel. Data released Friday showed that the U.S. core personal consumption expenditures index rose just 0.3% in February, below the 0.4% expected, while the annual figure came in at 4.6%, below the 4.7% predicted.