BEIJING :Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States.
The benchmarks ended about 2 per cent higher in the previous session on Russia's plans to cut oil exports from its western ports by up to 25 per cent in March which exceeded its announced production cuts of 500,000 barrels per day. For the week, oil prices are slightly lower, after the previous week's about 4 per cent declines, dragged also by concerns about rising interest rates that could strengthen the dollar.
The prospect of further rate hikes supported the dollar index, which was set for a fourth straight week of gains. The index is now up about 2.5 per cent for the month.
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