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Oil ticks up ahead of OPEC+ meeting, EU Russian oil ban

December 2, 2022


Oil futures ticked higher on Friday ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday and an EU ban from Monday on Russian crude.

Brent crude futures were up 65 cents, or 0.8%, at $87.53 per barrel by 1252 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 69 cents, or 0.9%, to $81.91 per barrel.

Both Brent and WTI had dipped earlier, but were on track for their first weekly gains, the biggest in two months at around 4.5% and 7% respectively, after three consecutive weeks of decline.