Oil Updates — Crude climbs; Nigerian oil output fall; US oil and gas rig count falls

RIYADH: Oil prices rose about 4 percent on Friday, supported by real and threatened cuts to supply, although futures posted a second weekly decline as aggressive interest rate hikes and China’s COVID-19 curbs weighed on the demand outlook.

Brent crude rose $3.69, or 4.1 percent, to settle at $92.84 a barrel. US West Texas Intermediate crude rose $3.25, or 3.9 percent to settle at $86.79 a barrel.

Nigeria’s oil output at 32-year low as thieves hobble output