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Commodities

Oil prices more than 2% as supply fears persist

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Global oil prices rose more than 2% on Friday night as markets’ concerns about supplies kept quotations up after two days of falling prices, trading data showed.

The price of September futures on Brent crude oil rose by 2.55% to $111.81 a barrel, while August futures on WTI crude oil rose by 2.68% to $108.59. Over the previous two trading sessions, oil prices fell by a total of 7.6% and 5.4% respectively.

Oil quotations are still affected by concerns over supplies after the news from Libya. The National Oil Corporation (NOC) declared force majeure at oil export ports of As-Sidr and Ras Lanuf and at El-Fil field due to the political crisis in the republic.

At the same time, traders continue to assess the prospects of a possible economic recession, which could affect demand.

“The market is stuck between the current deteriorating macroeconomic environment and the looming threat of recession on the one hand and the strongest oil market fundamentals in decades on the other,” MarketWatch quotes RBC Capital Markets commodity strategist Michael Tran as saying.

At the same time, traders assess weekly statistics from U.S. oil and gas services company Baker Hughes on the number of active oil drilling rigs in the U.S. During the week to July 1, their number increased by one unit — up to 595 units.

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