Oil Prices Rise over 2%, But Still Set for Weekly Drop

Oil rose by more than 2% on June 24 supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession.

Brent crude was up $2.78, or 2.5%, at $112.83/bbl by 12:10 p.m. EDT (1610 GMT), while WTI crude in the U.S. gained $3.02, or 2.9%, to $107.29.

“The Fed was talking very hawkish which was undermining the oil rally, but sentiment is changing a little especially on strong economic data,” said John Kilduff, partner at Again Capital LLC in New York.