Oil inched higher on the support from the Basra oil spill

International benchmarks for crude oil settled slightly higher on Friday, 16 September 2022 after an oil spill incident at Iraq’s Basra terminal that is likely to constrain supply in the near-term. However, the gains were once again capped ahead of the Federal Reserve meeting on 21 September to lift interest rates.

Brent gained 51 cents to close at $91.35/barrel. 

WTI gained barely 1 cent to settle at $85.11/barrel.