oil prices traded higher on Friday but posted a weekly loss as China, the world’s largest crude oil importer, eased some Covid-19 restrictions.

Brent, the benchmark for two-thirds of the world’s oil, closed up 2.5 percent at $95.99 a barrel on Friday. West Texas Intermediate, the gauge of U.S. crude, rose 2.9 percent to $88.96 a barrel.

China, the world’s second-largest economy, has shortened quarantine periods for close contacts of cases and those arriving, state news agency Xinhua said.

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