Oil prices rose on Friday on expectations of lower Russian crude exports from the Baltic region in December, offsetting worries that a looming Arctic storm across the U.S. could snuff out transport fuel demand growth this holiday season. | Reuters
More than 4,400 U.S. flights have been canceled over a two-day period due to the winter storm, coinciding with a holiday travel season that some predict could be the busiest ever.
However, heating oil demand could be boosted as the extreme weather is expected to cause power outages. Brent and WTI are on track to post a second weekly gain, supported by expectations of an eventual rebound in oil demand at the world’s No. 2 consumer China.
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