Oil prices set to end week near multi-month lows on recession fears | Reuters

Oil prices set to end week near multi-month lows on recession fears | Reuters

Oil prices on Friday stayed near their lowest levels since February as concerns over a possible recession and a fall in fuel demand continued to rattle markets.

Brent crude rose 37 cents, or 0.4%, to $94.49 a barrel by 1226 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.

Prices have come under pressure this week as the market has fretted over the impact of inflation on economic growth and demand, but signs of tight supply kept a floor under prices.

Recession worries have intensified since the Bank of England's warning on Thursday of a drawn-out downturn after it raised interest rates by the most since 1995. read more

"Clearly, everyone is taking the threat of recession far more seriously as we're still seeing a very tight market and producers with no capacity to change that," said Craig Erlam, senior market analyst at Oanda in London.