Oil heads for third weekly gain as Africa, Russia crimp supply

​Oil headed for a third weekly gain as supply disruptions in Africa and a reduction in shipments from Russia tightened the market.

West Texas Intermediate futures traded near US$77 a barrel, up around four per cent this week, even as they fluctuated Friday. Libya's second-biggest oil field, Sharara, was shutting after protests stopped production at the El Feel field on Thursday.

Meanwhile, there's also a halt in Nigeria. That follows signs that resilient Russian flows are finally starting to decline, four months after the country was due to slash output.