Oil rises but set for weekly drop as fears of weaker demand limit gains

Brent crude futures were up 85 cents at $108.30 a barrel at 0900 GMT, while U.S. West Texas Intermediate crude futures climbed 64 cents to $106.77

Oil prices rose on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China’s COVID lockdowns slowing global growth offset concerns about dwindling supplies from Russia.

The market is continuing to be pushed and pulled by the prospect of a European Union ban on Russian oil tightening supply and concerns about faltering global demand. Inflation and rate rises have driven the U.S. dollar to 20-year highs, capping oil price gains as a stronger dollar makes oil more expensive when purchased in other currencies.

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