Oil gains as Russian output cuts offset rising US inventories

Oil prices posted gains on Friday as the prospect of lower exports from Russia offset rising inventories in the United States and concerns over global economic activity.

In intra-day trade, Brent crude was trading at 83 dollars



per barrel while WTI crude price was at 76 dollars and five cents per barrel.

On Thursday, oil prices stabilised after brent crude posted its biggest one-day loss for seven weeks in the previous session.