Oil prices rose more than $2 on Friday after Moscow said it may cut crude production in response to price caps imposed by the Group of Seven on Russian crude, sending the market heading for a second consecutive week of gains.
Brent crude futures rose $2.72, or 3.36%, to $ 83.70 a barrel.
West Texas Intermediate (WTI) crude futures for February delivery rose $2.08, or 2.68% to $79.57 a barrel.
Russia's exports of Baltic oil could drop 20% in December compared to the previous month after the European Union and Group of Seven countries imposed sanctions and capped Russian crude prices, according to dealers and Reuters calculations.
Russian Deputy Prime Minister Alexander Novak told state television on Friday that Russia may cut oil production by between 5%-7% in early 2023 in response to the price cap imposed by Western countries on its crude oil and refined products.
More than 4,400 flights were canceled in the United States over two days due to a winter storm, coinciding with the holiday travel season, which some expect to be the busiest on record.
The snow storm may change the plans of car owners to travel in the Christmas and New Year holidays, which limits the consumption of gasoline.
However, demand for heating oil may rise as severe weather is expected to cause power outages.
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