Oil Updates — Oil settled up; G7 considering ways of capping Russian oil price; US drillers add oil and gas rigs for a record 23 months

RIYADH: Oil prices settled up by more than $3 a barrel on Friday, supported by tight supply, but they notched their second weekly decline on concern that rising interest rates could push the world economy into recession.

Brent crude settled up $3.07, or 2.8 percent, at $113.12 a barrel by 12:10 p.m. EDT. US West Texas Intermediate crude settled up $3.35, or 3.2 percent, at $107.62.

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