Oil prices up 3% to 9-week high on supply concerns

Brent futures rose US$1.95, or 2.6%, to settle at US$78.47 a barrel, while US West Texas Intermediate crude (WTI) rose US$2.06, or 2.9%, to settle at US$73.86.

NEW YORK: Oil prices climbed about 3% to a nine-week high on Friday as supply concerns and technical buying outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil.

Brent futures rose US$1.95, or 2.6%, to settle at US$78.47 a barrel, while US West Texas Intermediate crude (WTI) rose US$2.06, or 2.9%, to settle at US$73.86.