WASHINGTON (dpa-AFX) - Oil prices climbed higher on Friday amid rising concerns about Russia - Ukraine conflict following Ukraine and a likely jump in Chinese imports in November.
West Texas Intermediate Crude oil futures for January closed up $1.14 or about 1.6% at $71.24 a barrel. WTI crude futures gained nearly 6.5% in the week.
Brent crude futures settled at $75.17 a barrel, gaining $0.94 or about 1.27%.
Oil prices have moved higher this week following Russia stepping up its offensive against Ukraine. After Ukraine launched British and U.S. missiles on Russia, Moscow fired a ballistic missile at Ukraine and warned of a global conflict that could raise the risk of oil supply disruption.
Markets expect the Organization of the Petroleum Exporting Countries and allies, collectively known as OPEC+, to delay further plans to revive production once again.igs operational.
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