Oil prices rise as supply concerns outweigh demand fears

 

 

Singapore, Sept. 22 (BNA): Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks.

 

Brent futures climbed 46 cents, or 0.5%, to $93.76 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude (WTI) futures gained 65 cents, or 0.7%, to $90.28 a barrel, Reuters reported.

 

Both benchmarks were on track for a small weekly drop after gaining more than 10% in the previous three weeks amid concerns about tight global supply as the Organization of the Petroleum Exporting Countries and allies (OPEC+) maintain production cuts.

 

 

ZH