Oil Updates — Crude up; Algeria sets reference price for oil at $60 barrel  

RIYADH: Oil prices remain unchanged on Monday, as most markets were closed for holidays due to Christmas and New Year celebrations.  

Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 price cap on Russian exports. 

Brent crude settled at $83.92, up by $2.94 or 3.6 percent, while US West Texas Intermediate crude settled at $79.56 a barrel, up $2.07, or 2.7 percent. Both benchmarks recorded their biggest weekly gains since October.