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Oil prices escalated on supply outages

On Friday, Oil prices increased about 3% due to supply outages in Libya. The likelihood of a shutdown in Norway outweighed the possibility of a slowdown in the economy.

As per the report, Brent crude futures were up $2.71 at $111.74 a barrel increasing by 2.75 % while WTI crude rose 2.7%, to $108.57 a barrel gaining $2.81.

As per the report, last month U.S manufacturing activity decreased more than anticipated, and the country’s economy was cooling as the Federal Reserve tightens monetary policy. Despite this oil prices rose.

 

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