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Oil Climbs With Array of Supply Risks Eclipsing China Concerns

  • Russian output falling, but Chinese demand also under pressure
  • WTI trades above $103 a barrel in choppy week of trading
Updated on

Oil rose to settle at its highest in three days in a volatile session as a series of challenges to supply eclipsed concern about the lingering threat to energy demand from lockdowns in China.

West Texas Intermediate closed Thursday above $103 a barrel in a week that has seen futures swing in a $10 range. The Biden administration unveiled a fresh arms package for Ukraine as the war there drags on. The White House has also banned the entry of Russian ships to U.S. ports. Meanwhile, European Union members are moving to cut dependence on Russian oil, with German Foreign Minister Annalena Baerbock saying the country plans to stop imports by year-end.