An offshore oil platform
Brent crude prices rose on Friday, above the level of $ 75 a barrel, but are heading towards recording losses for the fourth consecutive quarter, in the midst of fears of slowing global economic activity and fuel demand.
Brent crude is heading for a decline of more than 5 percent in the three months to the end of June.
In the past few months, markets have been affected by inflationary pressures, rising interest rates in major economies, and a slower-than-expected recovery in Chinese manufacturing and consumption.
However, support came from indications of a recovery in US economic activity, as well as a sharp decline in US oil inventories last week.
Prices are receiving further support from OPEC+ plans to cut production to limit supplies until 2024.
A Reuters survey, which included 37 economists and analysts, showed that oil prices will find it difficult to gain momentum this year, with the continuing headwinds in the global economy.
price movements
Brent crude futures rose 93 cents, or 1.22 percent, to $75.42 a barrel by 14:40 GMT, with quarterly performance down about 5.4 percent.
Nymex crude rose 79 cents, or 1.13 percent, to $ 70.64, and contracts fell 6.5 percent on a quarterly basis for the second consecutive quarter.
2023-06-30 14:55:39
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