Oil price settles up but posts weekly decline on recession fears

Brent crude LCOc1settled up $3.07, or 2.8%, at $113.12 a barrel by 12:10 p.m. EDT (1610 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 settled up $3.35, or 3.2%, at $107.62.

NEW YORK: Oil prices settled up by more than US$3 a barrel on Friday, supported by tight supply, but they notched their second weekly decline on concern that rising interest rates could push the world economy into recession.

Brent crude LCOc1settled up $3.07, or 2.8%, at $113.12 a barrel by 12:10 p.m. EDT (1610 GMT). U.S. West Texas Intermediate (WTI) crude CLc1 settled up $3.35, or 3.2%, at $107.62.