Oil bounces back, but markets remain fragile amid trade disputes

Oil prices jumped more than 1 per cent on Friday amid OPEC supply cuts and Middle East tensions, but still did not fully recoup losses earlier in the week on economic slowdown jitters and swelling inventories – their steepest drops since the start of the year.

Brent crude futures, the international benchmark for oil prices, were at $68.50 per barrel at 0231 GMT, up 74 cents, or 1.1 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were up 63 cents, or 1.1 per cent, at $58.54 per barrel.

“Multiple supply risks remain, as tension continues between Iran and the US, which could turn disruptive,” ANZ bank said on Friday.