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 25^th, 2022.

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