Oil supported by supply threats, but heads for weekly drop on demand fears

SINGAPORE: Oil prices rose on Friday as investors considered Russia’s threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks’ aggressive rate hikes and China’s COVID-19 curbs weighed on demand.

Brent crude futures rose 27 cents, or 0.3 percent, to $89.42 a barrel by 0330 GMT. US West Texas Intermediate (WTI) crude futures climbed 15 cents, or 0.2 percent, to $83.69.