Oil rebounds from lowest in months on supply concerns

Oil prices rose slightly on Friday, climbing from their lowest levels since February, as the market moved between concerns about a lack of supplies and an expected decline in demand for fuel.

By 0900 GMT, Brent crude futures gained 39 cents, or 0.4%, to trade at $94.51 a barrel, while West Texas Intermediate crude futures climbed 27 cents, or 0.3%, to $88.81 a barrel.

Prices came under pressure this week due to market concern about the impact of inflation on economic growth and demand, but indications of a tight supply kept prices stable.

The OPEC + group agreed this week to raise its target oil production by 100,000 barrels per day in September, but according to OPEC data, this is one of the smallest increases since the introduction of such quotas in 1982.

Supply concerns are expected to escalate as winter approaches, as European Union sanctions banning Russian seaborne imports of crude and petroleum products are set to take effect on December 5.