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LONDON: Oil prices rose by more than $4 on Friday before paring some gains amid uncertainty around future interest rate hikes by the US Federal Reserve, while a looming EU ban on Russian oil and the possibility of China easing some Covid restrictions supported markets.
Though fears of global recession capped gains, Brent crude futures were up $2.63, or 2.8 per cent, at $97.30 a barrel by 12:08 p.m. EDT (1608 GMT), set for a weekly gain of about 2.5pc.
US West Texas Intermediate (WTI) crude futures were up $2.96, or 3.4pc, at $91.13 and on course for a weekly gain of nearly 5pc. China is sticking to its strict Covid-19 curbs after cases rose on Thursday to their highest since August, but a former Chinese disease control official said substantial changes to the country’s Covid-19 policy are to take place soon.