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Oil inches up amid wrangling over Russian oil price cap

U.S. West Texas Intermediate (WTI) crude futures jumped 35 cents, or 0.5%, from Wednesday's close to $78.32 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.

November 25, 2022 / 07:21 AM IST

Oil rose in early trade on Friday, trimming some of the week's losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil will keep supply flowing.

Brent crude futures inched up 13 cents, or 0.2%, to trade at $85.47 a barrel at 0121 GMT.

U.S. West Texas Intermediate (WTI) crude futures jumped 35 cents, or 0.5%, from Wednesday's close to $78.32 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.

Both contracts were headed for their third consecutive weekly decline, on track to fall about 2% with worries about tight supply easing.