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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

Oil prices rise amid tight supply but post weekly decline

Brent crude futures rose $3.07, or 2.8%, while the WTI settled up $3.35, or 3.2%

By Shubhangi Mathur
Published - Jun 24, 2022, 10:23 PM ET
Last Updated - Jun 07, 2024, 06:13 AM EDT

• 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.

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