Oil prices rise, set for biggest weekly gain in three months

Oil drilling rigs

Oil prices rose on Friday as markets assessed Ukraine’s attacks on Russia’s energy infrastructure, which prompted Moscow to curb fuel exports and move closer to cutting crude production.

Brent crude futures (November delivery) rose 0.15%, or 12 cents, to $69.54 a barrel as of 8:04 a.m. Makkah time.

Meanwhile, WTI crude futures (November delivery) gained 0.35%, or 22 cents, to $65.20 a barrel.

Both benchmarks jumped more than 4% this week, logging their biggest weekly gain since the week ended June 13, according to Reuters.

Russian authorities said today that drone debris crashed into a unit at the Afipsky oil refinery, though the blaze was extinguished.

On Thursday, Russian Deputy Prime Minister Alexander Novak said the country would impose a partial ban on diesel exports until year-end and extend its current ban on gasoline exports.