Oil rose by more than $3 a barrel on Friday supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession.
Brent crude was up $3.16, or 2.9%, at $113.21 a barrel by 10:34 a.m. ET,, while U.S. West Texas Intermediate (WTI) crude gained $3.58, or 3.4%, to $107.85. Both benchmarks were heading for a second weekly decline.
Oil stocks also rose following oil prices.
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