Oil rises on prospects of less aggressive US rate hike

SINGAPORE: Oil prices rose on Friday amid prospects of a less aggressive US rate hike, although worries about a recovery in demand capped gains.

Brent crude futures for September delivery rose 94 cents, or 1.0 percent, to $100.04 a barrel by 0630 GMT, while West Texas Intermediate crude rose 63 cents, or 0.7 percent, to $96.41 a barrel.

“Oil is trading very much to the beat of Federal Reserve policy and the implications it could have on both demand destruction and the US dollar,” said Stephen Innes, managing partner at SPI Asset Management.