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Oil rises 2% on Russian supply worries; U.S. storm impact in focus

December 23, 2022

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Oil prices rose by more than 2% on Friday on expectations of a drop in Russian crude supply, which helped offset worries of a hit to U.S. transport fuel demand growth as a looming Arctic storm threatens travel during the holiday season.

Brent crude was up by $1.72, or 2.10%, to $82.70 a barrel at 1305 GMT, while U.S. West Texas Intermediate (WTI) crude was at $79.37 a barrel, up $1.88, or 2.37 %.

Both contracts were up by more than $2 per barrel earlier on Friday and on track to post their second weekly gain.

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