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Oil prices rise amid tight supply but post weekly decline
By Shubhangi Mathur - 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%
• 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.
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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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Picture Credits: Reuters
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