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

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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.

West Texas Intermediate crude (WTI) CLc1settled at $108.43 a barrel, gaining $2.67, or 2.5%.

Meanwhile, Ecuador's government and indigenous groups' leaders on Thursday reached an agreement to end more than two weeks of protests which had led to the shut-in of more than half of the country's pre-crisis 500,000-bpd oil output.

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Article Details

Author / Journalist: The Star Online

Category: Economy

Topics: Sanctions Europe West Texas Intermediate Energy Fed Ukraine Oil Oil price Brent /Business/Business News Russia WTI

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-07-02, 05:29:00

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Reading Time: 4 minutes read

Article Length: 682 words

Coverage Area: Malaysia

Availability: Desktop Web, Mobile Web

News ID: 26076

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About The Star Business

Main Topics: Economy

Official Website: thestar.com.my

Update Frequency: 36 posts per day

Year Established: 1971

Headquarters: Malaysia

News Last Updated: 1h ago

Coverage Areas: Malaysia

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #22

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