Oil Prices Edge Up as Russia Fuel Export Ban Stokes Supply Fears

A general view shows the oil refinery of the Lukoil company in Volgograd, Russia, on April 22, 2022. Reuters Photographer/Reuters

LONDON—Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates.

Brent futures were up 52 cents, or 0.56 percent, at $93.82 a barrel by 0933 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by 73 cents, or 0.81 percent, to $90.36 a barrel.