WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Friday amid rising prospects for a reduction in output from the Organization of the Petroleum Exporting Countries and allies.
Still, the most active oil futures contract ended the week with a loss amid worries about outlook for energy demand due to concerns about slowing global growth, and shutdowns in certain places in China due to a surge in Covid-19 cases.
Group of Seven finance ministers agreed today to impose a price cap on Russian oil aimed at slashing revenues for Moscow's war in Ukraine while avoiding price spikes. However, Russia said it would halt oil sales to countries imposing it.
West Texas Intermediate Crude oil futures for September ended higher by $0.26 or about 0.3% at $86.87 a barrel. WTI crude futures shed 6.7% in the week.
Brent crude futures settled at $93.02 a barrel, gaining $0.66 or about 0.7%. Brent crude futures dropped 6.4% in the week.
The Saudi-led Organization of the Petroleum Exporting Countries and its allies led by Russia, together known as OPEC+, will meet on Monday.
According to a report released by Baker Hughes, the number of active U.S. rigs drilling for oil fell by nine to 596 this week. The total active rig count in the U.S., including those drilling for natural gas, declined by five to 760, the report said.
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