SINGAPORE :Oil prices rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.U.S. West Texas Intermediate crude futures climbed 49 cents, or 0.49 per cent, from Wednesday's close to $78.43 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.
On the Russian oil price cap, G7 and European Union diplomats have been discussing levels between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. Trading is expected to remain cautious ahead of an agreement on the price cap, due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off, and ahead of the next meeting of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, on Dec. 4.
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