Oil prices rise by 1% on supply concerns

The world oil prices rose within 1% on Friday morning, reported from the trading data and analysts' comments.

Trades are supported by news about the repair work on the Keystone pipeline against the backdrop of a generally scarce market, as well as corrective dynamics after the fall in prices a day earlier.

The price of September futures for Brent crude rose by 1%, to $104.9 per barrel, while the September futures for WTI grew by 0.94%, to $97.26.

North American company TC Energy's supply through the Keystone pipeline has been reduced due to maintenance work. At the same time, the company does not specify the timing of the completion of work and the restoration of supplies in the same volume. The prices are buoyed by expectations of lower oil supplies.

In addition, investors are fixing profits after the fall in oil prices a day earlier. The reduction in the price of this type of crude during trading on Thursday exceeded 5% on fears of a possible recession and reduced demand.

www.anews.az