SINGAPORE, Sept 22 Reuters Oil prices rose on Friday as concerns that a Russian ban on fuel exports could tighten global supply outweighed fears that further U.S. interest rate hikes could dent demand, but they were still headed for their first weekly loss in four weeks.

Brent futures climbed 46 cents, or 0.5, to 93.76 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude WTI futures gained 65 cents, or 0.7, to 90.28 a barrel.

Both benchmarks were on track for a small weekly drop after gaining more than 10 in the previous three weeks amid concerns about tight global supply as the Organization of the Petroleum Exporting Countries and allies OPEC maintain production cuts.

Trading remained choppy amid a tugofwar between supply fears that were reinforced by a Russian ban on fuel exports and worries over slower demand due to tighter monetary policies in the United States and Europe, said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.

Going forward, investors will focus on whether the OPEC production cuts are being implemented as promised and whether the rise in interest rates will reduce demand, he said, predicting WTI to trade in a range of around 9095.

Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four exSoviet states with immediate effect to stabilise the domestic fuel market, the government said on Thursday.

The shortfall, which will force Russia39;s fuel buyers to shop elsewhere, caused heating…