Oil is on the rise, cutting some losses

Oil moved higher in early trade, narrowing some of the week’s losses that were driven by fears of Chinese demand and expectations that the Group of Seven’s proposed high price ceiling for Russian oil will keep supplies flowing.

Brent crude futures rose 13 cents, or 0.2%, to $85.47.

West Texas Intermediate crude oil futures were up 35 cents, or 0.5%, from Wednesday’s close, to $78.32. No deal has been reached due to the Thanksgiving holiday in the United States.