Oil rises amid supply concerns and renewed interest rate cut hopes

Oil prices rose today, Friday, on track to achieve a fourth weekly gain, driven by concerns about supply scarcity following US sanctions on Russian oil producers, and indications from a Federal Reserve official (the US central bank) of a possible reduction in oil prices.

Raw materials futures contracts

Futures rose 13 cents, or 0.2 percent, to $81.42 a barrel, after falling 0.9 percent in the previous session.
US West Texas Intermediate crude futures rose 27 cents, or 0.3 percent, to $78.95 per barrel, after falling 1.7 percent yesterday, Thursday.
US natural gas futures jumped by about four percent to the highest level in two years amid expectations of colder weather over the weekend.
US Central Bank official Christopher Waller said that inflation is likely to continue to decline, which may allow the bank to cut interest rates sooner and faster than expected.