Oil prices up 3% on supply outages | Reuters

Oil prices up 3% on supply outages | Reuters

Oil prices rose about 3% on Friday, recouping most of the previous session's declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand.

Brent crude futures were up $3.03, or 2.8%, at $112.06 a barrel by 1157 GMT, having dropped to $108.03 a barrel earlier in the session.

WTI crude futures gained $2.84, or 2.7%, to $108.60 a barrel, after retreating to $104.56 a barrel earlier.

Both contracts fell around 3% on Thursday, ending the month lower for the first time since November.