7/15, 1:01 PM (Source: TeleTrader)
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Oil prices rise, up over 2%

Prices of oil futures rose on Friday as concerns over the supply of crude continued to linger, with investors waiting to see the outcome of United States President Joe Biden's visit to the Middle East, ever since he announced he would be asking the Gulf alliance to up oil production.

On the other hand, worries over the demand of crude seem to be subsiding as the Federal Reserve hinted that a 100 basis point rate hike is unlikely at its next meeting.

West Texas Intermediate (WTI) for deliveries in August jumped 2.13% to go for $97.82 per barrel at 6:50 am ET, while Brent for September settlements increased 2.40%, selling for $101.43 per barrel a minute later.

Baha Breaking News (BBN) / AY