Oil Prices Rise Despite Economic Concerns

Crude oil prices rose on Friday by 3% despite fears of a global recession which has pervaded the oil price narrative in recent weeks, weighing on prices.  Friday’s price rise was precipitated not by bullish production or supply outages nor by any significant demand outlook increases.  At 11:45 a.m. ET, WTI was trading up $2.54 per barrel (+3.04%) at $86.08. While more than 3% rise on the day, the U.S. benchmark was trading down nearly $2 per barrel from last week.  The Brent benchmark was trading up $2.60 per barrel at that…