Oil prices rise after Basra terminal spill, but set for weekly decline
NEW YORK (Reuters) -Oil prices rose on Friday as a spill at Iraq’s Basra terminal appeared likely to constrain crude supply, but remained on track for a weekly decline on fears that hefty interest rate increases will curb global economic growth and demand for fuel.
Brent crude futures were up 70 cents, or 0.8%, at $91.54 a barrel by 1:43 p.m. EDT (1743 GMT).
U.S. West Texas Intermediate (WTI) crude futures gained 30 cents, or 0.4%, to $85.40.
Both benchmarks were down about 1% on the week, hurt partly by the U.S. dollar’s strong run, which makes oil more expensive for buyers using other currencies. The dollar index was largely flat on the day , but on track for its fourth weekly gain in five weeks.
