Oil prices rose on Friday on signs of lower Russian output and tighter supplies, with the market looking ahead to the International Energy Agency’s (IEA) monthly report later in the day to clarify the global demand outlook.
Brent crude futures climbed 34 cents, or 0.39 per cent, to $86.43 per barrel by 0347 GMT. West Texas Intermediate crude futures (WTI) rose 40 cents, or 0.49 per cent, to $82.56.
Both benchmarks fell more than 1 per cent in the previous session.
“Russian exports are showing signs of weakening as production is reported to have been curtailed by 700,000 barrels per day (bpd),” said analysts from ANZ Bank in a client note.
