Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States.
Brent crude futures rose 61 cents, or 0.7%, to $82.82 per barrel by 0215 GMT.
West Texas Intermediate crude futures (WTI) rose 63 cents, or 0.8%, to $76.02 a barrel.
Both benchmarks ended Thursday about 2% higher on Russia’s plans to cut oil exports from its western ports by up to 25% in March which exceeded its announced production cuts of 500,000 barrels per day.
These reports lifted sentiment on the supply side, ANZ analysts said in a note. For the week, oil prices are slightly lower, after the previous week’s about 4% declines, dragged by concerns about rising interest rates that could strengthen the dollar as well as a ninth straight week of a U.S. crude stocks build.
Minutes from the latest U.S. Federal Reserve meeting indicated that a majority of officials remained hawkish on inflation and tight labour market conditions, signalling further monetary tightening.
The prospect of further rate hikes supported the dollar index, which was set for a fourth straight week of gains. The index is now up about 2.5% for the month.
