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On
Friday, Brent futures were up 15 cents, or 0.18%, at $84.22 at
0817 GMT, while U.S. West Texas Intermediate crude futures were
up 20 cents, or 0.24%, at $82.51.
Russia announced that it had lifted its ban on diesel exports
for supplies delivered to ports by pipeline, under the proviso
that companies sell at least 50% of their diesel production to
the domestic market.
Almost three quarters of Russia's 35 million tonnes of diesel
exports were delivered via pipeline in 2022.
The ban on all gasoline exports remains in place.
Brent and WTI futures were on course for approximately 12% and
9% week-on-week declines respectively on Friday, driven
principally by concerns that higher-for-longer interest rates
will slow global growth and hammer fuel demand.
Demand concerns offset announcements by Saudi Arabia and Russia
this week confirming that current voluntary supply cuts worth
1.3 million barrels per day (bpd) will be held until the end of
the year.
This week saw a steep drop in U.S. Treasury prices to 17-year
lows, on concerns the U.S. Federal Reserve will keep rates
higher for longer and growing worries about government spending
and a ballooning budget deficit in the United States, the
world's top oil consumer.
"Oil prices are stabilizing after a brutal week that saw a
relentless bond market selloff trigger global growth worries,"
said Edward Moya, an analyst at OANDA.
"The worst week for crude since March is starting to attract
buyers given the oil market will still remain tight over the
short-term," Moya said.
Investors will be looking ahead to the U.S. monthly jobs report
on Friday for signs of how strong the economy is.
The European Central Bank (ECB) has not ruled out further
interest rate hikes if inflation were to keep rising, ECB board
member Isabel Schnabel said in an interview with Croatian paper
Jutarnji list.
(Reporting by Robert Harvey in London and Sudarshan Varadhan in
Singapore; Editing by William Maclean)
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