Oil settles up but posts weekly decline on recession fears – CARICOM Business

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Oil prices settled up by more than $3 a barrel on Friday, supported by tight supply, but they notched their second weekly decline on concern that rising interest rates could push the world economy into recession.

Crude has gained support from the almost total shutdown of output in OPEC member Libya due to unrest. OPEC+ is slated to meet on June 30 and is expected to stick to a plan to only slightly accelerate hikes in oil production in July and August.

U.S. energy firms this week added oil and natural gas rigs for a second week in a row in a record 23-month streak of increases, as high crude prices and prodding by the government prompted drillers to return to the wellpad, energy services firm Baker Hughes Co said in its closely followed report on Friday. – Extract from the CARICOM BUSINESS Newsletter, Vol 5. No. 26

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