Brent Hits $113 As Oil Heads For Second Weekly Gain

Oil prices were set for a second consecutive weekly increase early on Friday, as the EU’s proposal to ban imports of all Russian crude and oil products by the end of the year trumped market concerns about slowing Chinese oil demand amid the harshest COVID restrictions since the initial wave of the pandemic.  Putting up in Asian trading overnight, WTI Crude was topping $110 per barrel and Brent Crude was over $113 a barrel (as of 7:50 a.m. EST), with both benchmarks pushed higher by several pieces of bullish news this week. The European…