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Oil prices rise amid tight supply but post weekly decline

By Shubhangi Mathur - Jun 24, 2022, 10:23 PM ET

Last Updated - Jun 07, 2024, 06:13 AM EDT

Brent crude futures rose $3.07, or 2.8%, while the WTI settled up $3.35, or 3.2%

• Brent crude futures rose $3.07, or 2.8%, while the WTI settled up $3.35, or 3.2%

Oil prices rose on Friday amid tight supply but posted weekly decline due to worries of recession in the US as the Federal Reserve hikes interest rates.

On Friday, Brent crude futures rose $3.07, or 2.8%, to settle at $113.12 a barrel while the US West Texas Intermediate (WTI) settled up $3.35, or 3.2%, at $107.62.

With soaring inflation in the US, regulators have been trying to keep the economy on track by increasing interest rates.

Latest News by Industry

Technology

Show more

Nvidia is Wall Street's most valuable company. How it got there, by the numbers

Maximus: Fiscal Q4 Earnings Snapshot

Radical Jaguar rebrand and new logo sparks ire online

Oil & Gas

Show more

Stock market today: Wall Street rises following last week's slide

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Trump names fossil fuel executive Chris Wright as energy secretary

Healthcare

Show more

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Stock market today: Wall Street drifts lower as the Trump trade cools

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Manufacturing

Show more

Stock market today: Asian shares mostly slip despite Nvidia's solid earnings report

Nvidia is Wall Street's most valuable company. How it got there, by the numbers

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Oil prices rise amid tight supply but post weekly decline

Brent crude futures rose $3.07, or 2.8%, while the WTI settled up $3.35, or 3.2%

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