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Crude oil finished modestly higher as Iranian troops seized an oil well located inside the Iraqi side of a disputed border. This offset a stronger U.S. dollar that reduced the hedge value of commodities.
Light sweet crude oil settled at $74.42 per barrel, up 38 cents on the session. Prices reached as high as $74.69.
Iraq's Deputy Interior Minister Ahmed Ali al-Khafaji said an Iranian force comprising 11 soldiers infiltrated the Iran-Iraq border on Friday afternoon and took control of Well-4 in the Fauqa Field. The soldiers raised the Iranian flag over the well and were still in control of the facility, he added.
The dollar reached a three-month high of 1.4260 versus the euro before easing back. The greenback also saw some strength amid choppy trading with the pound.
Crude surged earlier in the week after report from the U.S. Energy Information Administration released Wednesday showed a 3.7 million barrel decline in U.S. crude inventories last week.
With no major economic news on the agenda, traders will look ahead to next week's holiday-abbreviated schedule. Gross domestic product data for the third quarter is due on Tuesday.
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