Brent crude futures were up $1.81, or 1.7%, at $110.84 a barrel by 1507 GMT, having dropped to $108.03 a barrel earlier in the session.
Oil prices pared some gains on Friday after the release of industry data showing US manufacturing activity slowed more than expected last month, adding to evidence that the country's economy was cooling as the Federal Reserve tightens monetary policy. "The ability of the complex to post a strong advance today in the face of significant US dollar strength and a weak equity trade suggests some refocus on tight oil supplies," Jim Ritterbusch, president of Ritterbusch and Associates LLC, said in a note.
Elsewhere, 74 Norwegian offshore oil workers at Equinor's EQNR.OL Gudrun, Oseberg South and Oseberg East platforms will go on strike from July 5, the Lederne trade union said on Thursday, likely halting about 4% of Norway's oil production. Previously, OPEC+ decided to increase output each month by 648,000 barrels per day in July and August, up from a previous plan to add 432,000 bpd per month.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »
Oil falls 2% on uncertainty over future OPEC+ outputOil prices sank about 2% today as OPEC+ confirmed it would only increase output in August as much as previously announced despite tight global supplies, but left the market wondering about future output.
Source: RTEbusiness - 🏆 16. / 61 Read more »
Dublin BIC rebrands as FurthrDublin BIC, the Irish organisation which helps start-ups and scale-ups to grow, has rebranded under the new name of Furthr.
Source: RTEbusiness - 🏆 16. / 61 Read more »
Source: NewstalkFM - 🏆 19. / 55 Read more »
Source: IrishMirror - 🏆 4. / 98 Read more »