Oil rallied to a three-week high and clinched a second straight weekly gain after Russia warned it may cut output by as much as 700,000 barrels a day in response to sanctions on the nation’s crude.With trading volumes dwindling heading into the Christmas holiday, Russia’s threat outweighed the impacts of a winter freeze sweeping across the US. The cold has halted one-third of refining capacity on the Texas Gulf Coast and as much as 350,000 barrels a day of crude output in North Dakota.Gasoline futures also rose to the highest in three weeks following the refinery outages, though...

https://www.emirates247.com/business/energy/oil-rises-after-russia-signals-output-cut-2022-12-24-1.696031

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