Oil prices rise after trying week

London — Oil prices rose on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.US West Texas Intermediate crude futures were up $1.56, or 2%, at $79.50 a barrel. There was no WTI settlement on Thursday due to the US Thanksgiving holiday and trading volumes remained low.

Brent’s market structure implies current demand is soft, with backwardation, defined by front-month prices trading above contracts for later delivery, having weakened in recent sessions . China, the world’s top oil importer, on Friday reported a new daily record for Covid-19 infections, as cities across the country continued to enforce mobility measures and other curbs to control outbreaks.

Meanwhile, G7 and EU diplomats have been discussing a Russian oil price cap between $65 and $70 a barrel, but an agreement has still not been reached.

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