Crude oil prices hovered around USD 72 per barrel on Friday, set for weekly gains as tighter global supplies counter concerns of higher interest rates potentially hampering growth and energy demand. Earlier this week, Saudi Arabia extended a July production cut, Russia announced export cuts, and oil output in Kazakhstan slumped due to power outages. Meanwhile, robust US jobs data fuels expectations of tighter monetary policy by the Fed, which other major central banks might follow. Slow post-pandemic recovery in China also influenced market sentiment.