Oil Price Gains Capped by Demand Fears

Yang Mei Hu oil products tanker owned by COSCO Shipping gets moored at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on June 13, 2022. Tatiana Meel/Reuters

LONDON—Oil prices rose on Friday and were broadly flat on the week as concern over oil demand growth was balanced by Saudi output cuts.

Brent crude futures rose 36 cents, or 0.5 percent, to $76.32 a barrel by 0932 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.5 percent, at $71.63.