Oil rises over 2%
Oil rose by more than 2% on Friday supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession. Brent crude was up $2.78, or 2.5%, at $112.83 a barrel by 1610 GMT, while US West Texas Intermediate (WTI) crude gained $3.02, or 2.9%, to $107.29. “There Fed was talking very hawkish which was undermining the oil rally, but sentiment is changing a little especially on strong economic data,” said Again Capital LLC partner John Kilduff in New York.
Published in The Express Tribune, June 25th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ