Oil prices climbed for a third straight session on Friday, shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply.
Oil slumped nearly 5% to the lowest in almost two weeks on Monday, extending last week's decline as concern grew that prolonged COVID-19 lockdowns in Shanghai and potential increases to U.S. interest rates would hurt global growth and oil demand.
Oil prices rose by more than 2% on Wednesday after Moscow said that peace talks with Ukraine had hit a dead end, fuelling supply worries, while weak economic data from China and Japan kept a lid on gains.
Prices for wind and solar power in major global markets have climbed nearly 30% in a year as developers have struggled with chaotic supply chains and surging costs for everything from shipping to parts to labor, according to a report published on Wednesday.
Oil slipped on Tuesday, staying close to a seven-year high, weighed by speculation OPEC+ could go further than expected to add supply at a meeting this week and expectations of a rise in U.S. inventories.
Oil prices were steady on Wednesday as fears of tight supply were offset by COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases.