Oil prices climb as supply shortage concerns outweigh demand worries

SINGAPORE: Oil prices rose on Friday, bouncing off their lowest levels since February in the previous session, as supply shortage concerns were enough to cancel out fears of slackening fuel demand, according to Reuters.

Brent crude rose 55 cents, or 0.6 percent, to $94.67 a barrel by 0630 GMT, while US West Texas Intermediate crude was up 65 cents, or 0.8 percent, at $89.19 a barrel.

Oil prices have come under pressure this week as the market fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.