Oil heads for fourth weekly gain

Oil prices inched higher on Friday, as some upbeat U.S. economic data this week helped to improve the outlook for energy demand and traders kept an eye on developments in Egypt for potential disruptions to the oil trade.

Oil for August delivery tacked on 57 cents, or 0.5%, to trade at $108.61 a barrel on the New York Mercantile Exchange after adding 1.5% on Thursday. Prices, which have already scored gains over the last three weeks, traded about 2.5% higher for this week.

Thousands of protestors rallied in Egypt on Friday for the reinstatement of ousted President Mohammed Morsi. The violence and political tensions in Egypt raised concerns this month about the potential disruptions to the oil trade in the Middle East and North Africa region.

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