Oil Rises as Russia Prepares to Cut Output. Why the U.S. Won’t be Too Worried.

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Oil prices advanced on Friday as Russia prepares to reduce its output next week in retaliation against sanctions placed on it from its invasion of Ukraine a year ago.

Brent crude the international benchmark, climbed 1.3% to $83.30 a barrel. West Texas Intermediate the U.S. standard, rose 1.2% to $76.31 a barrel. Both contracts finished higher on Thursday but are little changed from the start of the week.