Oil recovers but market remains fragile
Opec supply cuts and Middle East tensions prevent prices from falling further
Singapore — Oil prices jumped more than 1% on Friday amid Organisation of the Petroleum Exporting Countries (Opec) supply cuts and Middle East tensions, but still did not fully recoup losses earlier in the week on economic slowdown jitters and swelling inventories, their steepest drops since the start of 2019. Brent crude futures, the international benchmark for oil prices, were at $68.50 per barrel at 2.31am GMT, up 74c, or 1.1%, from their last close. US West Texas Intermediate (WTI) crude futures were up 63c, or 1.1%, at $58.54 per barrel.
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