Oil climbs $4 a barrel.

LONDON -- Oil prices rose by more than $4 on Friday before paring some gains amid uncertainty around future interest rate hikes by the US Federal Reserve, while a looming EU ban on Russian oil and the possibility of China easing some Covid restrictions supported markets.

Though fears of global recession capped gains, Brent crude futures were up $2.63, or 2.8 per cent, at $97.30 a barrel by 12:08 p.m. EDT (1608 GMT), set for a weekly gain of about 2.5pc.

US West Texas Intermediate (WTI) crude futures were up...

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