Oil prices settled more than 1% lower on Friday, falling for the third consecutive week, according to Reuters.
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Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China, Reuters reported.
Oil prices fell by more than $1 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading, according to Reuters.
Oil prices slipped on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand, Reuters reported.
Oil prices stabilized near a three-week high Thursday after OPEC+ agreed to reduce global crude supplies by reducing production by about two million barrels per day, in the largest reduction since 2020.
Oil prices increased Thursday after their biggest decline Wednesday by close to 6 percent, down to its lowest level in nearly 9 months, specifically since January 2022.
Oil rose more than $1 a barrel on Thursday, extending gains from the previous session, supported by improved risk appetite among investors, while falling crude inventories and reviving US gasoline demand supported prices.
The price of OPEC basket of thirteen crudes stood at US$109.35 a barrel on Tuesday, compared with US$106.27 the previous day, according to OPEC Secretariat calculations.
Brent crude recorded Monday a decline of one percent, after rising Friday by about 2.3%.
Oil prices tumbled on Wednesday on news of a plan by U.S. President Joe Biden to cut fuel costs for drivers and amid concerns over a potential economic recession after recent central bank rate hikes, which also weighed on equities, Reuters reported.