Oil up amid wrangling over Russian oil price cap

Oil prices rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures rose by 28 cents, or 0.33 per cent, to trade at $85.62 a barrel at 0410 GMT. US West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.49pc, from Wednesday’s close to $78.43 a barrel. There was no WTI settlement on Thursday due to the US Thanksgiving holiday. Both contracts were still headed for their third consecutive weekly decline, on track to fall about 2pc with worries about tight supply easing. “Oil is trading slightly higher in highly illiquid holiday-type trading, likely finding some support from lower global interest rates,” said Stephen Innes, managing partner at SPI Asset Management, in a client note. On the Russian oil price cap, G7 and European Union diplomats have been discussing levels between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow’s military offensive in Ukraine without disrupting global oil markets.