Oil prices increase as Russia fuel export ban stokes supply concerns

Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted fears that slowing economies and high interest rates could crimp demand.

Brent futures were up 78 cents, or 0.84%, at $94.08 a barrel by 1443 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by $1.02, or 1.14%, to $90.65 a barrel.

For the week, both benchmarks were relatively flat, after rising more than 10% in the previous three weeks on concerns about tight global supply.

Russia’s Transneft suspended deliveries of diesel to the key Baltic and Black Sea terminals of Primorsk and Novorossiysk on Friday, state media agency Tass said.