Oil Supported by Supply Threats yet Still Set for Weekly Drop on Demand Fears

Oil Supported by Supply Threats yet Still Set for Weekly Drop on Demand Fears
The chimneys of the Total Grandpuits oil refinery are seen just after sunset, southeast of Paris, France, on March 1, 2021. Christian Hartmann/Reuters
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LONDON—Oil rose on Friday supported by real and threatened cuts to supply, although crude was set for a second weekly decline as aggressive interest rate hikes and China’s COVID-19 curbs weighed on the demand outlook.

Russian President Vladimir Putin has threatened to halt oil and gas exports to Europe if price caps are imposed and a small cut to OPEC+ oil output plans announced this week also supported prices.