Oil prices rise from their lowest levels in months due to supply concerns

Oil prices rose slightly on Friday, climbing from their lowest levels since February, as the market moved between concerns about a shortage of supplies and an expected decline in demand for fuel.

By 0900 GMT, Brent crude futures rose 39 cents, or 0.4 percent, to $ 94.51 a barrel, while West Texas Intermediate crude futures rose 27 cents, or 0.3 percent, to $ 88.81 a barrel.

Prices came under pressure this week due to market concern about the impact of inflation on economic growth and demand, but indications of a tight supply kept prices stable.

The OPEC + group agreed to increase its target oil production by 100,000 barrels per day in September. Still, according to OPEC data, this is one of the smallest increases since the introduction of such quotas in 1982.

Supply concerns are expected to escalate as winter approaches, as European Union sanctions banning Russian seaborne imports of crude and oil products are due to take effect on Dec. 5.