Oil prices rose on Friday as hopes of rising demand from China and a weaker US dollar outweighed fears of a global economic slowdown and the impact of rising interest rates on fuel use, Reuters reported.

To combat inflation, the U.S. Federal Reserve is trying to slow the economy and will continue to raise its short-term interest rate target, Philadelphia Federal Reserve Bank President Patrick Harker said on Thursday in comments that weighed on oil.

But oil is getting a boost from the European Union’s upcoming ban on Russian oil, as well as a recent 2 million bpd production cut agreed by the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+.

• Brent crude oil settled at $93.50 per barrel, up $1.12, or 1.2%.
• US West Texas Intermediate (WTI) crude oil settled at $85.05 per barrel, up 54 cents, or 0.6%. During the session, both benchmarks fell by more than a dollar.

Brent is up 2% for the week, while WTI is down about 0.7%.