Oil prices rise slightly to $94.51 per barrel

Oil prices have risen slightly on Friday, bouncing off their lowest levels since February.

This comes as concerns over supply shortages was countered by expected declines in fuel demand.

Brent crude rose 39 cents, or 0.4%, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.

Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.

The OPEC+ producer group agreed this week to raise its oil output goal by 100,000 barrels per day (bpd) in September.

However, this was one of the smallest increases since such quotas were introduced in 1982, OPEC data shows.

The global crude oil markets remained firmly in backwardation, where prompt prices are higher than those in future months, indicating relatively tight supplies.

Supply concerns are expected to ratchet up closer to winter, with European Union sanctions banning seaborne imports of Russian crude and oil products set to take effect on Dec. 5.

Reuters/Hauwa Abu