Oil Updates — Crude up; US had constructive talks with India on Russian oil; Kurdish regional govt says oil trade unaffected

Oil Updates — Crude up; US had constructive talks with India on Russian oil; Kurdish regional govt says oil trade unaffected

RIYADH: Oil prices ended higher on Friday, boosted by signals from Saudi Arabia that OPEC could cut output, but trading was volatile as investors digested and ultimately shrugged off warnings from the head of the US Federal Reserve about economic pain ahead. Brent crude futures rose $1.65 to settle at $100.99 a barrel. US West Texas Intermediate crude futures rose 54 cents to settle at $93.06 a barrel. Both contracts rose and fell by $1 throughout the session. Overall, Brent gained 4.4 percent for the week, while WTI was set to rise 2.5 percent. The US had constructive talks with Indian officials on a proposal to cap prices of Russian oil, US Deputy Treasury Secretary Wally Adeyemo said on Friday, as it seeks global support for a proposal to cut Russian revenue. “I had a very constructive conversation with my Indian counterparts about the price cap proposal, but also talked extensively with private sector participants in India as well,” Adeyemo told reporters in New Delhi on Friday. The Group of Seven richest economies aims to have a price-capping mechanism on Russian oil exports in place by Dec. 5, when EU sanctions banning seaborne imports of Russian crude come into force.