Oil price rises more than 2% as supply outages outweigh recession fears

Brent crude LCOc1 futures settled at US$111.63 a barrel, rising $2.60, or 2.4%. West Texas Intermediate crude (WTI) CLc1settled at $108.43 a barrel, gaining $2.67, or 2.5%. WTI and Brent traded at about 70% and 77%, respectively, of the previous session's volumes ahead of the U.S. Fourth of July holiday. For the week, Brent lost 1.3%, while WTI rose 0.8%. For June, both benchmarks had ended the month lower for the first time since November.

NEW YORK: Oil prices gained more than 2% on Friday as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.

Brent crude LCOc1 futures settled at US$111.63 a barrel, rising $2.60, or 2.4%. West Texas Intermediate crude (WTI) CLc1settled at $108.43 a barrel, gaining $2.67, or 2.5%.