Oil rose more than $3/barrel on supply concerns

International benchmarks for crude oil rose sharply on Friday, 24 June 2022 after OPEC member – Libya had to suspend production due to unrest, further straining the already tight oil market. However, the hawkish stance of the Federal Reserve toward the interest rates limits the upside.

Brent jumped $3.07 or 2.8% to close at $113.12/barrel.

WTI gained $3.35 or 3.2% to settle at $107.62/barrel.