Oil closes above $70, post weekly gains of over 5%

Oil drilling rigs

Oil prices rose on Friday, recording weekly gains as Ukrainian strikes on Russian energy infrastructure clouded the market outlook.

Brent crude futures for November delivery settled up 1%, or 71 cents, at $70.13 a barrel, closing the week 5.2% higher.

US West Texas Intermediate (WTI) crude for November gained 1.14%, or 74 cents, to $65.72 a barrel, marking a 5.3% weekly advance.

Russia’s Deputy Prime Minister Alexander Novak said late on Sept. 25 the country will impose a partial ban on diesel exports until year-end and extend its existing ban on gasoline exports, as reduced refining capacity has caused fuel shortages in some regions.

Separately, sources told Reuters that the US has linked progress in trade negotiations with India to a reduction in India’s imports of Russian oil.