Oil prices rise 4% on supply concerns, record weekly losses

Oil prices rose 4%, on Friday, Sept. 9, amid growing supply concerns and valuation of global economic prospects.

Russia threatened to stop oil supply to any country that supports setting a cap for Russian crude prices, after the G7 supported the US proposal in this regard.

Oil prices were also driven by a decline in the US dollar against the other major currencies, after reaching a 20-year high earlier in the week.

The US drilling rig count declined five units to 591 in the week ended Sept. 9, General Electric Co.’s Baker Hughes energy services firm said in its closely followed report on Friday.

OPEC+ announced a plan to cut oil output by 100,000 for October, bringing down the supply to August levels.

Brent crude futures for November delivery rose by 4.1%, or $3.69, to $92.84 a barrel, but recorded weekly losses of 0.2%.

US West Texas Intermediate (WTI) crude futures increased 3.9%, or $3.25 a barrel, to $86.79 a barrel, but recorded slight losses of 0.09%.