Oil prices rose on Friday, amid expectations of a milder rise in US interest rates, but concerns about the recovery in demand limited gains.
Sharjah 24 – Archyde.com:
The value of Brent crude futures for September delivery rose $1.25, or 1.3 percent, to $100.35 a barrel by 03:00 GMT.
West Texas Intermediate crude futures rose 90 cents, or 0.9%, to $96.68 a barrel.
The Fed’s more hawkish monetary policy makers said on Thursday that they are leaning toward another 75 basis point interest rate hike at the Fed’s monetary policy meeting this month, not as much as traders were quick to prepare for yet. Wednesday’s report showed that inflation is accelerating.
Uncertainty related to interest rate hikes and weak economic data pushed the two contracts lower on Thursday and fell below their closing level on Feb. 23, a day before Russia’s war on Ukraine.
However, both crudes made up for their losses by the end of the session.