Oil prices extend gains supported by lower Russian supply fears

Oil prices extended their gains for the second consecutive session today, Friday, as the impact of expectations of lower exports from Russia outweighed the increase in inventories in the United States.

By 0215 GMT, Brent crude futures rose 61 cents, or 0.7 percent, to $82.82 a barrel. West Texas Intermediate crude futures rose 63 cents, or 0.8 percent, to $76.02 a barrel.

And according to “Reuters”, the two benchmarks ended Thursday’s transactions, up about two percent, supported by Russia’s plans to reduce oil exports from its western ports by up to 25 percent in March, which exceeds its announced reduction in production by 500 thousand barrels per day. ..

During the week, oil prices fell slightly, after a decline of about four percent in the past week, due to fears that raising interest rates may strengthen the dollar, in addition to the increase in US crude stocks for the ninth week in a row.

The rise of the dollar leads to an increase in commodity prices denominated in the US currency for holders of other currencies.