LONDON—Oil rose by more than $1 a barrel on Friday supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession.
U.S. Federal Reserve Chair Jerome Powell said on Thursday the central bank’s focus on curbing inflation was “unconditional,” adding to fears about more interest rate hikes that have weighed on financial markets.
Brent crude was up $1.42, or 1.3 percent, at $111.47 a barrel by 0952 GMT, while U.S. West Texas Intermediate (WTI) crude gained $1.29, or 1.2 percent, to $105.56. Both benchmarks were heading for a second weekly decline….