22.09.202309:52:00UTC+00Oil Prices Rise On Supply Concerns

Oil prices climbed on Friday, as concerns that a Russian ban on fuel exports could tighten global supply outweighed worries about slower demand due to tighter monetary policies in the United States and Europe.

Benchmark Brent crude futures rose 0.6 percent to $93.89 per barrel, while WTI crude futures were up 0.9 percent at $90.43.

Oil prices steadied after a volatile week as Russia announced Thursday a temporary ban on diesel and gasoline exports.

The action reversed a recent downside movement in crude markets following hawkish comments on interest rates from the Federal Reserve and other central banks.

It is feared that higher interest rates and a weak global economy could dent fuel demand.

Both WTI and Brent contracts rose more than 10 percent in the previous three weeks, buoyed by a confluence of supply cuts from major producers and reports from OPEC and the U.S. Energy Information Administration predicting that surging demand and recent price gains could stick through the remainder of the year.