Oil climbs 3% as dollar slips; EU ban on Russian crude imports looms
LONDON (Reuters) – Oil rose by more than 3% on Friday as the dollar eased, with an EU ban on Russian oil looming large and investors weighing the prospects for an easing of China’s COVID curbs.
Though fears of global recession capped gains, Brent crude futures were up $3.29, or 3.48%, at $97.96 a barrel by 1203 GMT, set for a weekly gain of more than 2%.
U.S. West Texas Intermediate (WTI) crude futures were up $3.52, or 3.99%, at $91.69 and on course for a weekly gain of more than 4%.
Both contracts were supported by a weaker dollar, which can boost oil demand because it makes the commodity cheaper for those holding other currencies.
