Oil settles up as supply risks outweigh economic worries | Reuters

Oil settles up as supply risks outweigh economic worries | Reuters

Oil prices settled slightly higher on Friday as a planned European Union ban on Russian oil and easing of COVID-19 lockdowns in China countered concerns that slowing economic growth will hurt demand.

Brent futures for July delivery rose 51 cents, or 0.5%, to $112.55 a barrel. U.S. West Texas Intermediate (WTI) crude for June rose $1.02, or 0.9%, to settle at $113.23 on its on its last day as the front-month.

WTI notched its fourth straight week of gains, which it last did in mid-February. Brent gained about 1% this week after falling about 1% last week.

The more actively-traded WTI contract for July was up about 0.4% to $110.28 a barrel.

"The risks remain tilted to the upside ... given the Chinese reopening and continued efforts towards a Russian oil embargo by the EU," said Craig Erlam, a senior market analyst at OANDA.