On Friday, oil prices ticked up as worries that a Russian restriction on gasoline exports may restrict global supply overcame worries that additional increases in U.S. interest rates might hurt demand. However, they were still on track to post their first weekly loss in four weeks.

Brent crude added 0.5% to $93.80 per barrel meanwhile WT futures advanced 0.7% to $90.26 per barrel.

Both benchmarks were on course for a slight weekly decline after rising more than 10% in the previous three weeks due to worries about a shortage of oil on the world market as OPEC+ continues to cut production.

In order to stabilize the domestic fuel market, Russia temporarily restricted gasoline and diesel exports to any nations outside of a circle of four former Soviet states, the government announced on Thursday.

On Wednesday, the U.S. Federal Reserve kept interest rates unchanged but sharpened its hawkish tone by forecasting an increase of 0.25 percentage points to 5.50–5.75% by year's end.

The U.S. dollar rose to its highest level since early March as a result, making oil and other commodities more expensive for consumers using foreign currencies. This fueled concerns that higher rates could stifle economic development and fuel demand.