Oil prices rose nearly 3% on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. Brent crude futures were up $2.71, or 2.5%, at $111.74 a barrel by 1726 GMT, while West Texas Intermediate crude (WTI) gained $2.81, or 2.7%, to $108.57 a barrel. Both contracts fell around 3% on Thursday, ending the month lower for the first time since November. For the week, Brent was on track for a loss of 1.2%, while WTI was set to rise 0.9%. Prices rose on Friday despite the release of industry data showing US manufacturing activity slowed more than expected last month, adding to evidence that the country’s economy was cooling as the Federal Reserve tightens monetary policy.
Published in The Express Tribune, July 2nd, 2022.