BEIJING : Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States.Brent crude futures rose 61 cents, or 0.7 per cent, to $82.82 per barrel by 0215 GMT. West Texas Intermediate crude futures (WTI) rose 63 cents, or
BEIJING : Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States.
Both benchmarks ended Thursday about 2 per cent higher on Russia's plans to cut oil exports from its western ports by up to 25 per cent in March which exceeded its announced production cuts of 500,000 barrels per day.For the week, oil prices are slightly lower, after the previous week's about 4 per cent declines, dragged by concerns about rising interest rates that could strengthen the dollar as well as a ninth straight week of a U.S. crude stocks build.
The prospect of further rate hikes supported the dollar index, which was set for a fourth straight week of gains. The index is now up about 2.5 per cent for the month. "The focus as we close the week will be on what happens with next inflation report, will the market get more nervous on even more tightening from the Fed," OANDA analyst Edward Moya said.
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