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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Oil Rises on Prospects of Less Aggressive US Rate Hike

Oil United States US Federal Reserve Inflation Kyodo
An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Picture taken on November 12, 2021. Mandatory credit Kyodo/via REUTERS

Oil prices rose on Friday amid prospects of a less aggressive US rate hike, although worries about a recovery in demand capped gains.

Brent crude futures for September delivery rose 94 cents, or 1.0%, to $100.04 a barrel by 0630 GMT, while WTI crude rose 63 cents, or 0.7%, to $96.41 a barrel.

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