Oil trims weekly loss after IEA urges Saudi, UAE to alleviate tight markets

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Fri, 2022-02-11 16:25

Oil prices rose on Friday after the International Energy Agency said Saudi Arabia and the UAE could help alleviate tight crude markets by increasing output.

Both the main oil grades were still headed for their first weekly losses in seven amid concern that accelerating inflation will lead to higher interest rates, slowing the economy.

Brent crude climbed 1.4 percent to $92.69 a barrel at 3:42 p.m. Riyadh time, while US benchmark WTI added 1.6 percent to $91.29.

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