Oil gains as Russian supply cuts temper concerns over rate hikes, high stocks

Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States, News.Az reports citing Reuters. 

Brent crude futures rose 67 cents, or 0.8%, to $82.88 per barrel by 0415 GMT. West Texas Intermediate crude futures (WTI) rose 61 cents, or 0.8%, to $76.00 a barrel.

The benchmarks ended about 2% higher in the previous session on Russia's plans to cut oil exports from its western ports by up to 25% in March which exceeded its announced production cuts of 500,000 barrels per day.


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