Oil rose more than 2% as supply disruption overshadowed economic fears

International benchmarks for crude oil rose more than 2% on Friday, 1 July 2022 as supply disruptions from Libya and Norway overshadowed fears of slow economic growth. According to media reports, Libya has announced force majeure at two ports and oilfields while a worker strike in Norway is expected to cut the country’s outputs by 320,000 barrels per day.

Brent rose $2.6 or 2.4% to settle at $111.63/barrel.

WTI gained $2.67 or 2.5% to close at $108.43/barrel.