Oil rose in early trade on Friday, trimming some of the week's losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil will keep supply flowing.
U.S. West Texas Intermediate crude futures jumped 35 cents, or 0.5%, from Wednesday's close to $78.32 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.
G7 and European Union diplomats have been discussing a price cap on Russian oil of 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. Russian President Vladimir Putin has said Moscow will not supply oil and gas to any countries that join in imposing the price cap, which the Kremlin reiterated on Thursday.
"This remains a headwind for oil demand that, combined with weakness in the U.S. dollar, is creating a negative backdrop for oil prices," ANZ said in a separate commodity note.
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