NEW YORK: Oil prices rose about 3 per cent on Friday supported by real and threatened cuts to supply, although futures were set for a second weekly decline as aggressive interest rate hikes and China’s Covid-19 curbs weighed on the demand outlook.

Russian President Vladimir Putin has threatened to halt oil and gas exports to Europe if price caps are imposed and a small cut to Opec+ oil output plans announced this week also supported prices.

Brent crude rose $2.70, or 3pc, to $91.85 a barrel by 11:22 a.m. EDT (1522 GMT). US West Texas Intermediate (WTI) crude rose $2.63, or 3.2pc, to $86.17 a barrel.

Published in Dawn, September 10th, 2022

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