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Oil crawls higher on supply doubts, but set for sharp weekly decline

Brent crude futures inched up 11 cents to $109.44 a barrel at 0149 GMT after dropping 1.6% in the previous session.

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An upsurge in demand in the past quarter led to the biggest draw on oil products stocks in eight years, the IEA said, while storage levels in OECD countries were at their lowest since early 2015

Reuters Reuters

2 min read Last Updated : Mar 11 2022 | 8:49 AM IST

Oil prices clawed back some losses on Friday but were on track for their biggest weekly drops since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers.

Brent crude futures inched up 11 cents to $109.44 a barrel at 0149 GMT after dropping 1.6% in the previous session. U.S. West Texas Intermediate (WTI) crude futures climbed 46 cents, or 0.4%, to $106.48 a barrel, following a 2.5% decline on Thursday.

In a week of volatile trading marked by talk of Russian oil embargoes then potential supply additions from

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Topics : Russia Ukraine Conflict Brent crude Oil Prices