Oil Prices Rise on Supply Concerns, But Demand Worries Persist

Oil prices rose slightly on Friday due to supply concerns in the Middle East, but weak demand capped gains. Disruptions in Libya and potential production cuts in Iraq tightened supply, while economic concerns, particularly in China, dampened demand prospects. Despite the recent uptick, oil prices are still on track for a second consecutive monthly decline. Analysts suggest that OPEC+ may need to reconsider its planned production increases to stabilize prices in the longer term.