Oil Gains as Russian Output Cuts Offset Rising US Inventories

LONDON—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 and concerns over global economic activity.
Brent crude futures rose 89 cents, or 1.1 percent, to $83.10 per barrel by 1042 GMT. On the anniversary of Russia’s invasion of Ukraine, benchmark Brent crude prices were some 14 percent lower than a year earlier. They hit a 14-year high of nearly $128 a barrel on Mar. 8, 2022.
West Texas Intermediate U.S. crude futures (WTI) were up 79 cents, or 1.05 percent, to $76.18.
The benchmarks ended about 2 percent higher in the previous session on Russia’s plans to cut oil exports from its western ports by up to 25 percent in March, which exceeded its announced production cuts of 500,000 barrels per day….