08.04.202210:30:00UTC+00Oil Heads For Weekly Loss After IEA Members' Oil Release

Oil prices rose on Friday but were still heading for weekly losses of around 3 percent, weighed by the emergency oil reserve release announcement from consuming countries and amid demand concerns in the wake of widespread lockdown in Shanghai.

Benchmark Brent crude futures rose 0.7 percent to $101.30 per barrel, while U.S. crude futures were up 0.9 percent at $96.86.

Members of the International Energy Agency (IEA) have agreed to a 120-million-barrel release of crude and oil from emergency stockpiles to help cool global prices amid the Russia-Ukraine crisis.

The European Union today agreed on its fifth package of sanctions against Russia for its unprovoked war against Ukraine. These measures include bans on the import of coal, wood, chemicals and other products.

Meanwhile, an extended lockdown in Shanghai due to the virus outbreak has fueled demand concerns.

Chinese President Xi Jinping has defended his country's stringently implemented zero-Covid policy, saying China's targeted and effective Covid-19 prevention and control measures ensured the safe and smooth hosting of Winter Olympics.