LONDON, June 30 Reuters Oil prices rose towards 75 a barrel on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand.

Benchmark Brent crude futures for September delivery rose 53 cents or 0.7 to stand at 75.04 as of 0827 GMT. The lesstraded frontmonth contract , which expires on Friday, was up 52 cents at 74.86.

The contract was on track for a 6.5 decline in the three months to the end of June, marking a fourth straight quarterly decline. Prices are at their lowest in 2 years.

U.S. West Texas Intermediate crude WTI rose 45 cents or 0.6 to 701.31. The contract is down more than 7 on a quarterly basis, its second consecutive quarterly drop.

Inflationary pressure and rising interest rates in key economies and a slower than expected recovery in Chinese manufacturing and consumption have weighed on markets in recent months.

But signs of strengthening U.S. economic activity and sharp declines in U.S. oil inventories offered support.

The U.S. Energy Information Administration EIA said crude inventories fell by 9.6 million barrels in the week ended June 23, far exceeding the 1.8millionbarrel draw analysts had forecast in a Reuters poll.

Meanwhile, U.S. gross domestic product GDP in the first quarter was revised up to a 2.0 annualised rate from the 1.3 pace reported previously.

A significant upward revision adds to the list of positive economic surprises in the U.S. lately, with economic…