Supply concerns raise global oil prices

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Supply concerns raise global oil prices

Oil prices increased during early Asian trading on Friday. Concerns about a possible Russian ban on fuel exports, which could lead to a reduction in global oil supplies, overshadowed fears about another potential increase in interest rates in the United States which might negatively impact the demand for fuel.

Brent crude futures increased by 0.5% to $93.75 per barrel, while US West Texas Intermediate crude futures rose by 0.65% to $90.21.