Washington
\nOil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand.
\nBrent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S. West Texas Intermediate crude finished at $62.69, a gain of 32 cents, or 0.51%.
\nEarly in the day, crude reacted to the drone attack on Russia\u2019s northwestern port of Primorsk, which led to a suspension of oil loading operations overnight, an official from Ukraine\u2019s SBU security service said.
\n\u201cThose attacks on Russian energy infrastructure have room to drag down Russian crude and refined product exports,\u201d UBS analyst Giovanni Staunovo said.
\nBut later in the day, gains shrank as traders continued to focus on a revised U.S. jobs report issued earlier in the week along with higher inflation figures.
\n\u201cThe economic data is not supportive of a rally,\u201d said John Kilduff, partner with Again Capital. \u201cThe overall weight is down and the trend is bearish.\u201d
\nThe U.S. economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, the U.S. Labor Department said on Tuesday.
\nThe department said on Thursday the consumer price index rose 0.4% in August, the biggest gain since January, after increasing 0.2% in July.
\nThe markets are also watching for sanctions or tariffs from the Trump administration aimed at reducing use of Russian crude by India and China.
\n\u201cAny potential for the tariffs to India and China to harm exports, then we would see Russian barrels off the market,\u201d Kilduff said.
\nThe Brent and WTI benchmarks fell by 1.7% and 2% respectively on Thursday.
\nThe International Energy Agency said on Thursday global oil supply would rise more rapidly than expected this year because of planned output increases by the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies such as Russia, according to an agency report.
\nHowever, OPEC\u2019s own report later in the day made no change to its relatively high forecasts for oil demand growth this year and next, saying the global economy was maintaining a solid growth trend.
\nOn the supply side, India\u2019s largest private port operator, Adani Group, has banned tankers sanctioned by Western countries from entering all of its ports, three sources told Reuters and documents show, potentially curbing Russian oil supplies.
\nIndia is the biggest buyer of Russian seaborne oil, mostly shipped on tankers that are under sanctions by the European Union, the United States and Britain.
\nReporting by Erwin Seba in Houston, Seher Dareen in London, Sam Li and Lewis Jackson in Beijing; Editing by Susan Fenton, Chris Reese and Nia Williams<\/p>\n","protected":false},"excerpt":{"rendered":"
Washington Oil prices rose on Friday after a Ukrainian drone attack suspended loadings from the largest port in western Russia, but gains were capped by concerns about U.S. demand. Brent crude futures settled at $66.99 a barrel, up 62 cents, or 0.93%. U.S. West Texas Intermediate crude finished at $62.69, a gain of 32 cents, […]<\/p>\n","protected":false},"author":2,"featured_media":502675,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-502739","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n