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• Brent crude futures rose $3.07, or 2.8%, while the WTI settled up $3.35, or 3.2%
Oil prices rose on Friday amid tight supply but posted weekly decline due to worries of recession in the US as the Federal Reserve hikes interest rates.
On Friday, Brent crude futures rose $3.07, or 2.8%, to settle at $113.12 a barrel while the US West Texas Intermediate (WTI) settled up $3.35, or 3.2%, at $107.62.
With soaring inflation in the US, regulators have been trying to keep the economy on track by increasing interest rates.
Picture Credits: Reuters
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