Oil rises, defying stock market falls as supply concerns persist

prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as worries about tightening supplies underpinned prices ahead of an impending European Union embargo on Russian oil.

“There are concerns over global growth and what it could mean for oil demand,“ said Warren Patterson who heads ING’s commodities research. The Bank of England warned Thursday that Britain risks a double-whammy of a recession and inflation above 10% as it raised interest rates to their highest since 2009, hiking by quarter of a percentage point to 1%.

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