Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks.

Oil prices rose on Friday as renewed global supply concerns from Russia's fuel export ban counteracted fears that slowing economies and high interest rates could crimp demand. Brent futures were up 78 cents,

Oil prices rose on Monday after flirting with $95 a barrel earlier in the session, as expectations of a supply deficit stemming from extended output cuts by Saudi Arabia and Russia as well as weak shale production outweighed concerns about demand.

"They're cutting 1.3 million barrels of oil a day," he said. "That's a significant sum and that's why oil prices have been trending up over the course of summer from $65 in June to $93 a barrel earlier this week." DeHaan also said Florida is a unique market.

Stocks are lower following the start of the United Auto Workers strike against the Big Three automakers, Ford (F), General Motors (GM), and Stellantis (STLA), and the upcoming Federal Reserve meeting.

Oil prices rose Friday as a Russian fuel export ban added to ongoing worries about the tight nature of global supply.By 09:25 ET (13.25 GMT), the U.S. crude futures traded 1.6% higher at $91.05 a barrel,

Oil prices settle higher on Friday to post a modest gain for the week, following Russia's decision a day earlier to temporarily ban the export of diesel and gasoline, which has pushed up prices in Europe.