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Oil futures rose today, Friday, ahead of a meeting between the Organization of the Petroleum Exporting Countries and its OPEC+ allies on Sunday and a European Union ban on Russian oil starting next Monday.
Brent futures rose 65 cents, or 0.8%, to $87.53 a barrel by 12:52 GMT. Futures for West Texas Intermediate crude rose 69 cents, or 0.9%, to $81.91 a barrel.
The two oils fell earlier in the day but are now on track for their first weekly gain, which will be the biggest in two months at about 4.5% and 7% respectively after falling for three straight weeks.
China is preparing to announce easing of Covid-19 quarantine rules within days, which would represent a major policy shift for the world’s second-biggest oil consumer, sources told Reuters, but analysts say economic activity is likely not to resume significantly until until a few months have passed.
Oil prices were also supported by the decline of the dollar index, which is usually inversely proportional to oil prices, reaching its lowest level in five months.
Many expect OPEC+ to stick to a policy of cutting oil production by two million barrels per day during the meeting on Sunday, but some analysts believe that oil prices could decline if the group does not decide to continue cutting.