Oil prices rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.
U.S. West Texas Intermediate crude futures climbed 49 cents, or 0.49%, from Wednesday's close to $78.43 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday.
"Oil is trading slightly higher in highly illiquid holiday-type trading, likely finding some support from lower global interest rates," said Stephen Innes, managing partner at SPI Asset Management, in a client note. "The market considers too high which reduces the risk of Moscow retaliating," ANZ Research analysts said in a note to clients.
Trading is expected to remain cautious ahead of an agreement on the price cap, due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off, and ahead of the next meeting of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, on Dec. 4.
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