Oil futures finished with a loss on Friday, but ended higher for the week. The rebound in crude-oil prices recently is due to “some optimism that even though China is battling rising COVID rates, authorities will be much more flexible in how they implement restrictions and lockdowns,” said Michael Hewson, chief market analyst at CMC Markets UK. There is also concern that OPEC+ might announce further cuts to production at their monthly meeting Sunday, he said. However, oil prices fell Friday following news that the European Union agreed on a price cap of $60 for Russian seaborne oil, which some analysts said would have little impact. U.S. benchmark WTI crude for January delivery CLF23 fell $1.24, or 1.5%, to settle at $79.98 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract still gained nearly 4.9%, according to Dow Jones Market Data.
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