Oil futures rose on Friday after major producers raised output as expected and outages in Libya raised concerns about reduced supply.
What’s happening The West Texas Intermediate front-month crude futures contract CL.1rose $1.81, or 1.71%, to $107.57 a barrel on the New York Mercantile Exchange.What’s happening The West Texas Intermediate front-month crude futures contract CL.1 rose $1.81, or 1.71%, to $107.57 a barrel on the New York Mercantile Exchange.
What’s driving markets Oil prices have come off multi-year highs in recent weeks — with Brent retreating from more than $140 a barrel touched in March — amid concerns that slowing economic growth may crimp demand. The West would like to see more supply in order to curtail inflation and reduce reliance on Russian production following the country’s invasion of Ukraine. With that in mind, traders will be keeping a keen eye on whether U.S President Joe Biden can convince Middle East producers to increase supply further when he visits the region in mid-July.
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