By Peter Nurse – Oil prices were higher on Friday but are on track to post a third straight weekly loss amid concerns over Chinese demand growth amid uncertainty over the price cap on Russian crude exports.

As of 09:15 ET (14:15 GMT), US crude futures were trading up 0.9% to $78.61 a barrel, while the Brent contract was up 0.3% to $85.62.

Both contracts are expected to fall over 1% this week, the third consecutive negative week after hitting 10-month lows earlier in the week. There was…

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