Oil prices rise on supply disruptions and Opec+ output policy – The National

Oil prices rise on supply disruptions and Opec+ output policy – The National

Oil prices rose by more than 2 per cent on Friday due to supply disruptions in Libya and Opec+’s decision to stick to its planned output increase in August even as recession fears linked to demand weigh on markets.

Brent, the global benchmark for two thirds of the world's oil, was up 2.58 per cent at $111.84 a barrel at 3.35pm UAE time on Friday.

West Texas Intermediate, the gauge that tracks US crude, was also trading 2.43 per cent higher at $108.33 a barrel.