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oil and gasJune 21, 2022

Oil prices rise as tightening supply offsets global economic concerns


NNA - Oil prices rose on Monday in volatile trade, reversing earlier losses, as tightening supplies outweighed concerns about slowing global economic growth and fuel demand.

Brent crude futures rose 42 cents, or 0.4%, to $113.54 a barrel by 0633 GMT. Front-month prices tumbled 7.3% last week, their first weekly fall in five.

U.S. West Texas Intermediate crude was at $109.85 a barrel, up 29 cents, or 0.3%. Front-month prices dropped 9.2% last week, the first decline in eight weeks.

Oil from Russia, the world's second-largest exporter, remains out of reach to most countries because of Western sanctions over Moscow's invasion of Ukraine, actions that Russia calls a 'special operation'.

The impact has been partly mitigated by the release of strategic petroleum reserves, led by the United States, and a ramp-up of production from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, although that is thinning the world's buffer against further supply disruptions.

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