U.S. West Texas Intermediate crude oil futures are inching higher on Friday, putting it in a position to finish higher for the week, as a planned European Union ban on Russian oil balanced demand concerns over slowing global economic growth.
The price action this week suggests a stalemate between bullish traders hoping a European Union embargo of Russian crude oil would tighten supply and bearish traders worried that higher interest rates would choke economic growth and consequently, crude oil demand.
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