LONDON, Feb 24 Reuters Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States and concerns over global economic activity.

Brent crude futures rose 89 cents, or 1.1, to 83.10 per barrel by 1042 GMT. On the anniversary of Russia39;s invasion of Ukraine, benchmark Brent crude prices were some 14 lower than a year earlier. They hit a 14year high of nearly 128 a barrel on Mar. 8, 2022.

West Texas Intermediate U.S. crude futures WTI were up 79 cents, or 1.05, to 76.18.

The benchmarks ended about 2 higher in the previous session on Russia39;s plans to cut oil exports from its western ports by up to 25 in March, which exceeded its announced production cuts of 500,000 barrels per day.

Higherthanexpected U.S. crude oil inventories continue to challenge the oil demand outlook, but expectations for lower Russian production have an offsetting impact, said Yeap Jun Rong, a market strategist at IG.

U.S. inventories are at their highest level since May 2021.

U.S. crude stocks rose by 7.6 million barrels to about 479 million barrels in the week to Feb. 17, data from the U.S. Energy Information Administration said.

And indications that Russian crude and refined products are accumulating on tankers floating at sea weighed further on the supply outlook.

JP Morgan said in a note on Friday that it sees shortterm prices more likely to drift lower towards the 70s than rise as global growth…