Oil pares weekly loss as tightening market vies with hawkish Fed

Oil rose, paring a weekly loss driven by the Federal Reserve flagging a further rise in US interest rates this year, which damped appetite for risk assets and overshadowed physical tightness in the crude market.

Still, there are plenty of signs of tightness in the physical market. Russia announced a temporary ban on diesel and gasoline exports on Thursday, lifting fuel prices. In addition, US crude stockpiles posted another decline, and oil’s backwardated timespreads point to strong competition for near-term supplies.

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