LONDON—Oil prices rose 2 percent on Friday, recouping most of the previous session’s declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.
Brent crude futures were up $2.07, or 1.9 percent, at $111.10 a barrel by 0911 GMT, having dropped to $108.03 a barrel earlier in the session.
WTI crude futures gained $1.80, or 1.7 percent, to $107.56 a barrel, after retreating to $104.56 a barrel earlier.
Both contracts fell around 3 percent on Thursday, ending the month lower for the first time since November.
We “still see risks to prices as skewed to the upside on tight inventories, limited spare capacity, and muted non-OPEC+ supply response,” Barclays said in a note….