Oil up as hopes outweigh worries

Oil prices rose in choppy trade on Friday as hopes of stronger Chinese demand and a weakening US dollar outweighed concern about a global economic downturn and the impact of interest rate rises on fuel use. To fight inflation, the US Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday in comments that weighed on oil. But crude is gaining support from a looming European Union ban on Russian oil, as well as the recent output cut of 2 million barrels per day agreed by OPEC+. Brent crude was up 4 cents at $92.42 a barrel by 1513 GMT.

Published in The Express Tribune, October 22^nd, 2022.

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