Oil prices recover 1.6% of their value, but are headed for a weekly decline

Crude prices rose on Friday but headed for their first weekly loss in three weeks as concerns over inflation and China’s Covid lockdowns curbing global growth offset concerns over falling prices. Russian supplies.

At 11:17 GMT, crude oil futures Brent rose 1.74 dollars, 1.62%at 109.16 dollars a barrel, while West Texas Intermediate futures in the United States (WTI) earned 1.74 dollars, 1.64%at $107.84.

However, both benchmark contracts were on track to end the week lower, with Brent poised to drop 3% and WTI almost 2.0%.

The market continues to be pushed and pulled by the prospect that a European Union ban on Russian oil will restrict supply and concerns about weakening global demand.

Stephen Innes of SPI Asset Management said in a note that oil traders are looking for “a ray of light at the end of China’s grim lockdown tunnel.”

“Even so, we continually end up at square one, as lower case counts end up running into a strengthening of the authorities’ zero-Covid policy,” he added.

Inflation and interest rate hikes have pushed the dollar to 20-year highs, limiting crude gains as a stronger dollar greenback makes oil more expensive when bought in other currencies.

Analysts, however, remain focused on the possibility of an EU ban on Russian oil, after Moscow this week imposed sanctions on European units of state-owned Gazprom and Ukraine suspended a key gas transit route.

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