Oil prices rose at the close of trading on Friday, posting weekly gains amid uncertain market prospects due to Ukrainian attacks on Russian energy infrastructure.
Brent crude futures for November delivery rose 1%, or 71 cents, to $70.13 a barrel, posting a weekly gain of 5.20%.
US Nymex crude futures for November delivery also rose 1.14%, or 74 cents, to $65.72 a barrel, extending their weekly gain to 5.30%.
In a related development, Russian Deputy Prime Minister Alexander Novak announced last night that his country would impose a partial ban on diesel exports until the end of the year, while extending the current ban on gasoline exports. This comes as a result of reduced refining capacity, which has led to shortages of some fuels in several regions.
Meanwhile, informed sources told Reuters that the United States has linked progress in its trade negotiations with India to reducing oil imports from Russia.
