Oil prices were up about $3 at settlement in Friday’s session, posting gains for the second straight week, after Moscow said it could cut crude output in response to the Group of Seven’s price cap on Russian crude .
Brent crude oil climbed $2.94, or 3.6%, to $83.92 a barrel.
US West Texas Intermediate crude oil rose $2.07, or 2.7%, to $79.56 barrel while leveling upaccording to Reuters.
Russian exports of Baltic oil could fall 20% in December from a month earlier after the European Union and G7 countries imposed sanctions and capped Russian crude prices, according to calculations by retailers and Reuters.
Russian Deputy Prime Minister Alexander Novak told state television today that Russia could cut oil production by 5% to 7% in early 2023 in response to price caps imposed by Western countries on its crude and products refined.
Crude oil demand and production may decline in the coming days due to shutdowns caused by a massive winter storm that hit a large swath of the United States. Many of the largest US refineries have been shut down due to severe cold, while production operations have been halted in Texas and North Dakota.
And futures contracts for low-sulfur gasoline and diesel rose 5%, in anticipation of lower refinery production and increased demand for heating fuel.
