Oil rises but set for weekly drop as fears of weaker demand limit gains | Reuters

Oil rises but set for weekly drop as fears of weaker demand limit gains | Reuters

Oil prices rose on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China's COVID lockdowns slowing global growth offset concerns about dwindling supplies from Russia.

Brent crude futures were up 85 cents, or 0.8%, at $108.30 a barrel at 0900 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 64 cents, or 0.6%, to $106.77 a barrel.

Both benchmark contracts were, however, on track to post declines for the week, with Brent set to drop nearly 4% and WTI almost 3%.

The market is continuing to be pushed and pulled by the prospect of a European Union ban on Russian oil tightening supply and concerns about faltering global demand.