Oil prices climbed on Friday, defying the U.S. Federal Reserve’s hawkish stance, as concerns over supply emerged following Russia’s suspension of fuel exports. Brent crude reached $92.98 per barrel, briefly shy of $93 level mark, marking a 0.67% increase for the day, while West Texas Intermediate crude (WTI) traded at $90.16 per barrel, reflecting a 0.75% rise.
Market participants are closely monitoring the adherence to OPEC+ production cuts and the potential impact of rising interest rates on demand. Some experts anticipate WTI to fluctuate within the $90-$95 range.
Russia’s sudden ban on gasoline and diesel exports to countries outside a select group of ex-Soviet states, implemented to stabilize its domestic fuel market, has led to a supply shortage and prompted a nearly 5% increase in heating oil futures.
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